Forex Major Currencies Outlook (Nov 21, 2016)

There were no reports out of the US economy on Friday but Yellen's hawkish tone from the previous day still lifted the dollar. There are no reports due from the US economy today.

EUR

The euro weakened to the dollar and pound but managed to stay afloat against the comdolls and yen. French elections and the upcoming Italian referendum are influencing the shared currency's action these days, although ECB head Draghi's testimony could lead to additional volatility in the latter sessions.

GBP

The pound had a mixed performance as it struggled to hold on to its gains in the absence of top-tier data. There are still no reports due from the UK today so Brexit-related updates could continue to influence the currency's movements.

CHF

The franc gave up more ground to the dollar then consolidated to its European counterparts. SNB official Maechler once again spoke about negative interest rates and the need to keep the franc weak. There are no reports due from the Swiss economy today.

JPY

The yen was one of the weakest performers of the bunch as traders continued to pile on their long dollar positions. There were no reports from Japan then and none are due today, indicating that the moves were mostly a result of risk-taking.

Commodity Currencies (AUD, NZD, CAD)

The comdolls gave up ground to the dollar but managed to stay afloat against the yen and the pound. Canada's headline and core CPI printed 0.2% gains, slightly weaker than expected. New Zealand credit card spending and Canadian wholesale sales data are lined up for today.

By Kate Curtis from Trader's Way