FX Today: Attention will be on Powell and flash EMU CPI data

The US Dollar (USD) remained under heavy pressure, slipping back to the area of multi-week lows, always amid steady bets for another interest rate cut by the Federal Reserve as soon as next week.

Here’s what to watch on Tuesday, December 2:

The US Dollar (USD) remained under heavy pressure, slipping back to the area of multi-week lows near the 99.00 level, always amid steady bets for another interest rate cut by the Federal Reserve as soon as next week. The RCM/TIPP Economic Optimism Index is due, seconded by the API’s weekly report on US crude oil inventories.

EUR/USD kept its march north unabated, hitting three-week highs around 1.1650 in response to the marked decline in the Greenback. The advanced Inflation Rate in the Euroland comes next alongside the Unemployment Rate in the bloc.

GBP/USD climbed to three-week tops around 1.3280 just to deflate afterwards despite the weaker US Dollar on Monday. The BRC Shop Price Inflation comes next along with the Natiowide Housing Prices.

USD/JPY dropped to fresh two-week lows near 154.70 following the BoJ’s hawkish rhetoric. Next on tap on the domestic calendar will be the Consumer Confidence gauge.

The march north in AUD/USD remained unabated for yet another day, this time approaching the 0.6570 zone, or three-week peaks. An interesting docket in Oz will feature Building Permits figures, the Current Account results, Private House Approvals, the Ai Group Industry and the final S&P Global Manufacturing PMI.

Fresh geopolitical concerns coupled with supply worries lent support to prices of the american WTI on Monday, sending them to the vicinity of the key $60.00 mark per barrel.

Gold prices built on last week’s advance, surpassing the $4,260 mark per troy ounce following increasing bets on another rate cut by the Fed at its December 10 meeting. Silver prices rose for the fifth consecutive day, this time reaching an all-time high near the $58.00 mark per ounce.