Forex Today: Attention is back to the real economy

Pablo Piovano FXStreet

The US Dollar continued its ascent, reaching fresh 2024 highs, even as the Trump-led rally showed signs of slowing and US yields dipped slightly ahead of a busy economic calendar on Friday.

Here is what you need to know on Friday, November 15:

The US Dollar Index (DXY) printed a new 2024 peak north of 107.00 despite declining US yields across the curve. Retail Sales will be at the centre of the debate across the pond, seconded by the NY Empire State Manufacturing Index, Export and Import Prices, Industrial and Manufacturing Production, and Business Inventories.

EUR/USD broke below the 1.0500 support to hit new 2024 lows amidst the incessant move higher in the Greenback. Germany’s Wholesale Prices are due along with speeches by the ECB’s McCaul, Lane, and Cipollone.

GBP/USD broke below the 1.2700 support to reach new lows amid further gains in the Greenback. The advanced Q3 GDP Growth Rate figures takes centre stage on the UK docket, followed by Business Investment, Goods Trade Balance, Industrial and Manufacturing Production, Construction Output, the final Q2 Labour Productivity index, and the NIESR Monthly GDP Tracker.

USD/JPY climbed past the 156.00 hurdle for the first time since mid-July on the back of further gains in the US Dollar. Key data releases in Japan will include flash Q3 GDP Growth Rate, Capacity Utilization, Industrial Production, and the Tertiary Industry Index.

Extra strength in the Greenback and the inconclusive price action in the commodity complex dragged AUD/USD to new lows near 0.6450. The RBA’s Jones will be the sole event Down Under at the end of the week.

WTI prices added to Wednesday’s marginal gains and shifted their focus to the key $70.00 mark on the back of a positive EIA’s weekly report.

Prices of Gold advanced marginally and regained the $2,570 region after bottoming out in new lows near $2,535 earlier in the day. Silver prices bounced off the sub-$30.00 zone per ounce, making a decent U-turn and eventually ending the day with marked gains.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.