Forex Today: Sentiment driving financial markets
|What you need to know on Tuesday, November 16:
The EUR was the worst performer, falling against the greenback to a fresh 2021 low of 1.1381. The dollar also appreciated against safe-haven CHF and JPY, but shed ground against the pound and commodity-linked currencies. Overall, the action was limited across the FX board as speculative interest awaits fresh clues.
The market sentiment was positive at the beginning of the day following upbeat Chinese data but faded after Wall Street’s opening. US Treasury yields jumped without a clear catalyst. However, it may be related to the US reporting last Friday that over 4.4 million people in the US quit their jobs in September, overshadowing the upbeat Nonfarm Payrolls report released earlier this month.
Brexit returned to the headlines. UK PM Johnson's spokesman said they aim to reach a consensual solution to the Northern Ireland protocol, adding that they want to reach a consensual solution and continue “intensive talks” with the EU. Meanwhile, UK PM Johnson hit the wires, warning that, to avoid new restrictions, everyone must get vaccinated. The definition of a fully-vaccinated person will change to account for booster shots, he added. The number of coronavirus contagions is reaching worrisome levels in Europe, which suffers its sixth wave.
Gold extended its advance to reach a fresh multi-month high of $1,870.48 a troy ounce. While crude oil prices posted modest intraday losses and finished the day at around $79.80 a troy ounce.
On Tuesday, the RBA will release the Minutes of its latest meeting, while the US will unveil October Retail Sales. Also, the UK will publish its October employment data.
Bitcoin buy-side volume rises as bulls continue uptrend towards $70,000
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.