As the global economy continues to adjust to slower growth, cooling inflation, and cautious central banks, November 2024 has brought moderate volatility to the foreign exchange market. Traders remain focused on key currency pairs as monetary policies and risk sentiment continue to shift.

Below is a comparative look at the main forex pairs and a short analysis of what to watch this month.

EUR / USD

The euro continues to gain moderate ground against the dollar, supported by improving Eurozone sentiment and slightly lower U.S. inflation data.

• Current Range: 1.0720 – 1.0890

• Bias: Mildly bullish

• Key Drivers: ECB officials hinting at potential rate stabilization, while the Fed signals a cautious tone about further hikes.

Outlook: If EUR/USD holds above 1.0850, the pair could aim for 1.10. A drop below 1.07 would suggest renewed USD strength.

GBP / USD

The British pound remains resilient amid stable U.K. inflation and modest growth expectations. However, uncertainty around the Bank of England’s next move limits the upside.

• Current Range: 1.2320 – 1.2550

• Bias: Neutral to bullish

• Key Drivers: Mixed U.K. GDP data and upcoming BoE statements on inflation control.

Outlook: Sustained trading above 1.25 could open the path toward 1.27, but below 1.23, short-term bearish pressure may return.

USD / JPY

The dollar-yen pair is one of the most-watched this month, following increased speculation about Bank of Japan intervention.

• Current Range: 149.00 – 152.50

• Bias: Bullish with high volatility risk

• Key Drivers: Diverging monetary policy between the Fed and BoJ, and growing talk of currency intervention by Tokyo.

Outlook: A move above 152.80 could trigger government action; any sign of intervention might pull the pair quickly below 149.50.

USD / CAD

The Canadian dollar is stabilizing after October’s oil price fluctuations. The pair has traded within a narrow range, reflecting balance between risk sentiment and commodity prices.

• Current Range: 1.3550 – 1.3730

• Bias: Slightly bearish for USD

• Key Drivers: Oil’s rebound near $84 per barrel and cautious tone from the Bank of Canada.

Outlook: Sustained weakness below 1.36 may push USD/CAD toward 1.3480. Rising oil prices would continue to support the CAD.

AUD / USD

The Australian dollar faces pressure amid soft Chinese demand and weak domestic data, yet shows resilience above key support zones.

• Current Range: 0.6380 – 0.6530

• Bias: Neutral to bearish

• Key Drivers: Chinese manufacturing PMI and RBA’s cautious monetary stance.

Outlook: A break above 0.6550 could mark a reversal, but continued weakness in Asian markets might drag AUD/USD below 0.64.

Summary

November 2024 offers a mixed but stable outlook for major forex pairs.
The euro and pound show cautious optimism, while the yen and commodity-linked currencies (CAD, AUD) remain sensitive to macro and policy signals.

Traders should watch for Fed communications, energy price trends, and central bank remarks as potential catalysts before year-end.

At Inversión Sin Trampa, we deliver clear, data-backed insights to help you navigate global currency trends — with focus, logic, and risk management.