Recent US macro data suggests that the Fed can gradually normalize monetary policy toward a more neutral stance.

Swedish macro has disappointed recently, and the long-awaited cyclical rebound has yet to materialize.

The EUR/CAD pair stays under pressure near the intraday low of 1.4750 in the European trading session on Wednesday even though Eurozone Negotiated Wages Rate data accelerated in the third quarter of the year.

The growth story in Norway remains that of ‘muddling through’.

The US Dollar (USD) is rallying after headlines came out that Ukraine has launched UK Storm Shadow Missiles into Russia. The usage of those missiles opens the risk for Russian retaliations against Ukraine by using nuclear weapons. Overnight in

Gold (XAU/USD) recovers from a weak start to trade back in the $2,640s on Wednesday as geopolitical tensions in the Ukraine theatre of war ratchet up and drive fresh safe-haven flows into the precious metal.

Crude Oil prices are falling in red on Wednesday, after earlier getting close to the $70 round level,  as geopolitical tensions – namely the escalation in the war between Russia and Ukraine – take over market sentiment to the detriment of stockpile data.

GBP/JPY trades higher by about two-thirds of a percent in the 197.30s on Wednesday, after the release of higher-than-expected UK inflation data cemented bets the Bank of England (BoE) will leave its key bank interest rate at a relatively high 4.75% at its December policy meeting, and take a gradual approach to cutting interest rates in the future.

The US Dollar Index (DXY), which measures the value of the USD against a basket of currencies, has traded with solid gains, rising to 106.70.

Federal Reserve Bank of Boston President Susan Collins said on Wednesday that more interest-rate cuts are needed, but policymakers should proceed carefully to avoid moving too quickly or too slowly, per Bloomberg.

The European Central Bank (ECB) Governing Council member Yannis Stournaras said on Wednesday that the Eurozone is on the cusp of sustainably reaching 2% inflation, putting the onus on officials to avoid undershooting that goal, per Bloomberg.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $68.95 on Thursday.

EUR/GBP appreciates after two days of losses, trading around 0.8340 during the Asian hours on Thursday.

Spot gold rose 0.3% to $2 657.48 an ounce.

The US Dollar Index (DXY) trades with mild losses around 106.50 during the early European session on Thursday.

Here is what you need to know on Thursday, November 21: The US Dollar (USD) Index stays in a consolidation phase near 106.50 after closing in positive territory on Wednesday.