US Dollar (USD) is likely to consolidate within a range of 7.0680/7.0880. In the longer run, downward momentum remains strong; if USD breaks below 7.0600, the next level to watch is 7.0400, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The US Dollar (USD) navigated an inconclusive range near recent lows, as volatility remained scarce and trade conditions thin in light of the Thanksgiving Day holiday on Thursday. In the meantime, expectations for another rate cut by the Federal Reserve in December remained well in place.
The US Dollar is retracing losses against the Canadian Dollar on Thursday, following a sharp reversal in the previous two days.