Forex Today: EUR remains the weakest

FXStreet Team FXStreet

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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EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.