Forex Today: EUR remains the weakest
|Here is what you need to know Friday, November 15th:
- The US Dollar traded mostly up against its major rivals through the Asian and European sessions but gave up in the American afternoon. The EUR/USD pair bounced from a fresh weekly of 1.0988 and settled around 1.1020, still depressed and at risk of falling. Preliminary estimates of German and EU Q3 GDP were slightly above expected, although showing a slow pace of growth.
- UK Retail Sales surprise on the downside. Nevertheless, the Sterling benefited from the dollar’s weakness and silence in the Brexit front. GBP/USD rose to 1.2890, the upper end of its latest range.
- Crude oil prices edged lower as US stockpiles continue to rise. The EIA report said that crude oil stocks in the 8S increased by 2.2 million barrels p in the week ending November 8.
- Gold continued recovering ground amid demand for safety, trading above $1,470 a troy ounce at the end of the day. Treasury yields collapsed to weekly lows, the JPY was firmly up. Wall Street, however, managed to trim most of its intraday losses ahead of the close.
- Cryptocurrencies extended their consolidative phase near recent lows, BTC/USD well below 9,000.
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