ForexLive European FX news wrap: Dollar slumps further amid mixed markets

<p>Headlines:</p><ul><li><a href="https://www.forexlive.com/news/usdjpy-sinks-further-to-lowest-in-six-weeks-20231120/">USD/JPY sinks further to lowest in six weeks</a></li><li><a href="https://www.forexlive.com/news/chinese-yuan-at-its-strongest-against-the-dollar-in-three-months-20231120/">Chinese yuan at its strongest against the dollar in three months</a></li><li><a href="https://www.forexlive.com/news/stocks-still-sticking-to-a-more-tentative-mood-for-now-20231120/">Stocks still sticking to a more tentative mood for now</a></li><li><a href="https://www.forexlive.com/news/heads-up-it-is-thanksgiving-week-in-the-us-20231120/">Heads up: It is Thanksgiving week in the US</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-wunsch-bets-on-rate-cuts-risk-prompting-rate-hikes-instead-20231120/">ECB's Wunsch: Bets on rate cuts risk prompting rate hikes instead</a></li><li><a href="https://www.forexlive.com/news/germany-october-ppi-01-vs-01-mm-expected-20231120/">Germany October PPI -0.1% vs -0.1% m/m expected</a></li><li><a href="https://www.forexlive.com/news/snb-total-sight-deposits-we-17-november-chf-4769-bn-vs-chf-4763-bn-prior-20231120/">SNB total sight deposits w.e. 17 November CHF 476.9 bn vs CHF 476.3 bn prior</a></li><li><a href="https://www.forexlive.com/news/hsbc-lifts-2023-2024-china-gdp-growth-forecast-20231120/">HSBC lifts 2023, 2024 China GDP growth forecast</a></li><li><a href="https://www.forexlive.com/news/microsoft-unveils-that-sam-altman-is-to-lead-its-new-advanced-ai-research-team-20231120/">Microsoft unveils that Sam Altman is to lead its new advanced AI research team</a></li></ul><p>Markets:</p><ul><li>JPY leads, USD lags on the day</li><li>European equities mixed; S&amp;P 500 futures flat</li><li>US 10-year yields up 3.9 bps to 4.480%</li><li>Gold down 0.4% to $1,972.10</li><li>WTI crude up 1.5% to $77.05</li><li>Bitcoin up 2.0% to $37,160</li></ul><p>It was a heavy start to the new week for the dollar as it sagged across the board, with USD/JPY being the main drag. The pair recovered from 148.70 in Asia to 149.00 before falling all the way down to 148.10 in European morning trade. And that comes despite Treasury yields keeping steadier while the overall risk mood is more tentative.</p><p>If you take that into consideration, things really could be worse for the dollar today. But let's see how things go in US trading.</p><p>The euro and pound were more reserved, with EUR/USD up just slightly by 0.2% to 1.0930 while GBP/USD is up 0.1% to 1.2470 although the earlier high touched 1.2510.</p><p>The antipodeans are also benefiting but the gains were largely from Asia trading, amid a stronger Chinese yuan. AUD/USD is higher by 0.7% to 0.6555 while NZD/USD is up 0.6% to 0.6022, maintaining the strong front from earlier in the day.</p><p>The next key thing to watch now will be for any broader market follow throughs but in any case, the dollar remains weak amid a further technical breakdown. And that looks set to continue at least for the time being.</p>

This article was written by Justin Low at www.forexlive.com.