Forex Today: Attention now shifts to Japanese inflation and global PMIs

The US Dollar extended its march north and hit new 2024 peaks on the back of further weakness in the risk-associated universe and steady geopolitical concerns ahead of key data releases on Friday.

Here is what you need to know on Friday, November 22:

The US Dollar Index (DXY) rose further north of the 107.00 barrier to print fresh tops for the current year. The flash S&P Global Manufacturing and Services PMIs are next on tap, followed by the final Michigan Consumer Sentiment.

EUR/USD remained well on the defensive and slipped back to the 1.0460 zone to record new YTD lows. The final Q3 GDP Growth Rate in Germany is due, along with the flash HCOB Manufacturing and Services PMIs in Germany and the Euroland, and speeches by the ECB's Lagarde, De Guindos, Nagel, Tuominen, and Schnabel.

GBP/USD traded on the back foot and broke below the key support at 1.2600, or multi-month lows. The release of Retail Sales will take centre stage seconded by the advanced S&P Global Manufacturing and Services PMIs, and GfK's Consumer Confidence.

Hawkish remarks from the BoJ's Ueda and geopolitical concerns lent support to the Japanese Yen, prompting a drop to two-day lows near 153.90 in USD/JPY. The Inflation Rate and preliminary Jibun Bank Manufacturing and Services PMIs will be published.

AUD/USD managed to offset Dollar's gains and the generalised offered stance in the risk complex, reclaiming once again the 0.6500 hurdle and beyond. The flash Judo Bank Manufacturing and Services PMIs are expected in Oz.

Prices of WTI advanced further and surpassed the key $70.00 mark per barrel in response to supply concerns stemming from intense geopolitical jitters in the Russia-Ukraine conflict.

Gold prices rose for the fourth day in a row and revisited the $2,670 region per troy ounce. Silver prices navigated an inconclusive range below the $31.00 zone per ounce.