EUR/USD extends its gains ahead of inflation data from the Eurozone. Technical indicators suggest positive sentiment to aim for the significant level at 1.1050. 1.0900 acts as key support followed by the seven-day EMA and the 23.6% Fibonacci retracement level. (FXStreet) 

GBP/USD holds positive ground around the mid-1.2600s amid the USD softness. BoE’s Broadbent said the central bank needs to see signs of clearer decline in inflation before it can conclude a downward trend. The markets anticipate potential rate cuts worth 75 basis points by the Fed in the second half of 2024. (FXStreet) 

AUD/USD holds positive ground near 0.6715 after the release of RBA meeting minutes. RBA members will examine further data to evaluate risk balance and how to balance it in policymaking. The US Building Permits and Housing Starts for November will be due later on Tuesday. (FXStreet) 

USD/CAD remains on the defensive, though a combination of factors helps limit losses. BoC Governor sees rate cuts in 2024 and overshadows the recent bounce in Oil prices. Fed officials push back against bets for early rate cuts and lend some support to the USD. (FXStreet) 

USD/CHF loses ground as investors are concerned about the situation between Hamas and Israel. Swiss Franc gains as risk sentiment emerges due to Houthi’s attacks on commercial ships. San Francisco Fed President Mary Daly mentioned that speculating about rate cuts in 2024 is premature. (FXStreet) 

EUR/GBP drifts lower to 0.8630 ahead of the Eurozone HICP report. ECB’s Vasle said the ECB would need at least until spring to evaluate its policy stance. Investors anticipate the BoE to cut rates five times next year due to the recent drop in annual inflation and annual earnings growth. (FXStreet) 

GBP/JPY gains strong positive traction and spikes to a four-day high after the BoJ decision. The mixed technical setup warrants some caution for bulls and positioning for further gains. A convincing break below the 181.15 support will shift the bias in favour of bearish traders. (FXStreet) 

EUR/JPY gained ground ahead of the economic data from the Eurozone. BoJ maintained its interest rate at -0.1% as widely expected. Geopolitical tension, as Houthi attacks on ships, could support the safe-haven JPY. Traders await Eurozone Harmonized Index of Consumer Prices data to gain fresh impetus on economic conditions. (FXStreet) 

NZD/USD gains ground despite downbeat trade data from New Zealand. Technical indicators suggest bullish sentiment to revisit a five-month high at 0.6251. The psychological level at 0.6200 could act as key support followed by the nine-day EMA at 0.6186. (FXStreet) 

AUD/JPY attracts some buyers to 96.50 after the Bank of Japan's (BoJ) monetary policy meeting. BoJ decided to maintain the status quo and keep the Yield Curve Control (YCC) policy unchanged. The Reserve Bank of Australia stated that whether further tightening is required would be decided by data and assessment of risks. Market players await November’s Japanese Trade Data and the Australian Westpac Leading Index, due on Wednesday. (FXStreet) 

WTI price gained ground on a threat of trade and supply disruption. Houthi militant group attacked a Norwegian commercial vessel in the Red Sea. US Defense Secretary Lloyd Austin to have virtual talks with other defense ministers to address the Houthi threat. (FXStreet) 

Gold price lacks any firm direction and is influenced by a combination of diverging factors. A slew of Fed officials pushed back against bets for early rate cuts in 2024 and cap the upside. Geopolitical risks act as a tailwind for the metal ahead of the US PCE Price Index on Friday. (FXStreet) 

Silver attracts dip-buying on Tuesday and snaps a two-day losing streak. The mixed technical setup warrants caution for aggressive bullish traders. A break below an ascending trend line will shift the bias in favour of bears. (FXStreet) 

Source: FXStreet, DailyFX

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