Forex Today: Caution ahead of fresher US-China trade headlines
|Here is what you need to know Tuesday, November 12th:
- The dollar gave back some of its latest gains, although little relevant happened in terms of price action. Concerns about the US-China trade relationship kept investors in cautious mode, alongside a holiday in the US. EUR/USD recovered modestly, remains pressured just above 1.1000.
- GBP/USD flirted with the 1.2900 level, despite tepid local data. Preliminary Q3 GDP came in at 0.3%, better than the previous -0.2% but below the market’s expectations of 0.4%. The rally was triggered by comments from Nigel Farage, as the Brexit Party leader said he wouldn’t contest Conservative seats won at the last election, but instead go after the seats held by Lib Dem and Labour.
- Asian and European Indexes closed in the red. Wall Street, however, reversed most of its intraday losses ahead of the close.
- US Treasury yields hovered around Friday’s closing levels.
- Precious metals remained under pressure, spot gold fell to $1,448.00 a troy ounce.
- The crypto market held in consolidative mode.
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