Forex Today: Uncertainty remains the same
|Here is what you need to know Thursday, November 14th:
- The market was on hold ahead of Fed’s Chair Powell testimony before the Congress, that anyway, failed to impress. Powell repeated familiar words, confident about the economy, concerned about low inflation and external risks, and comfortable with the current monetary policy.
- News that US and China trade talks hit a snag amid farm purchases triggered a short-lived run to safety ahead of Wall Street’s close. Equities plummeted while the yen and gold posted modest gains. The movements reverted with US indexes settling at record highs.
- UK inflation missed the market’s expectations, but the Pound was unable to react. The GBP/USD pair settled around 1.2850 for a second consecutive day.
- The EUR/USD pair settled just above 1.1000 after briefly piercing the level.
- Crude oil prices were sharply lower after comments from OPEC+ suggesting it’s too early to discuss further output cuts. Secretary Barkindo later said that there is no cause for alarm as the OPEC+ deal will run until March 2020. The black gold recovered, further underpinned by equities’ rally.
- Cryptocurrencies remained in consolidative mode.
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