Forex Today: Markets remain choppy ahead of all-important US inflation data


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Here is what you need to know on Tuesday, November 14:

Financial markets remain relatively quiet on Tuesday as participants stay on the sidelines while waiting for the October Consumer Price Index (CPI) data from the US. In the European session, Eurostat will publish Gross Domestic Product (GDP) growth figures for the third quarter and ZEW will release economic sentiment survey outcomes for the Eurozone and Germany.

The US Dollar (USD) Index, which gauges the USD's performance against a basket of six major currencies, registered small losses on Monday and the benchmark 10-year US Treasury bond yield closed virtually unchanged slightly above 4.6%. Early Tuesday, the USD Index stays flat and the 10-year yield fluctuates in a tight channel at around 4.6%. Meanwhile, US stock index futures trade mixed. Annual inflation in the US, as measured by the change in the CPI, is forecast to decline to 3.3% in October from 3.7% in September. 

US Dollar price this week

The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the New Zealand Dollar.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   -0.16% -0.59% 0.10% -0.09% 0.10% 0.33% -0.03%
EUR 0.16%   -0.43% 0.25% 0.07% 0.25% 0.49% 0.13%
GBP 0.57% 0.41%   0.68% 0.49% 0.68% 0.91% 0.55%
CAD -0.10% -0.25% -0.68%   -0.18% 0.00% 0.24% -0.12%
AUD 0.09% -0.06% -0.49% 0.19%   0.19% 0.43% 0.07%
JPY -0.11% -0.27% -0.70% 0.00% -0.20%   0.23% -0.13%
NZD -0.33% -0.49% -0.93% -0.24% -0.43% -0.24%   -0.38%
CHF 0.04% -0.12% -0.54% 0.14% -0.05% 0.13% 0.38%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

 

US CPI Data Forecast: Headline inflation expected to slow, core price pressures to remain high.

EUR/USD stabilized near 1.0700 early Tuesday after posting small gains on Monday. The European economy is expected to grow at an annual rate of 0.1% in the third quarter. 

ILO Unemployment Rate in the UK stood unchanged at 4.2% in the three months to September, the UK's Office for National Statistics reported on Tuesday. Wage inflation, as presented by the change in Average Earnings Including Bonus, declined to 7.9% on a yearly basis from 8.2%. Pound Sterling showed no immediate reaction to these figures and GBP/USD was last seen trading slightly below 1.2300.

After coming within a touching distance of 152.00 during the early American session on Monday, USD/JPY declined sharply toward but managed to stabilize above 151.50. Early Tuesday, the pair struggles to make a decisive move in either direction.

Following a bearish start to the week, Gold gained traction and advanced toward $1,950, erasing a portion of previous Friday's losses. With the 10-year US yield holding steady, XAU/USD went into a consolidation phase at around mid-$1,940s.

National Australia Bank's Business Conditions Index improved slightly to 13 in October from 11 in September. The Business Confidence Index declined to -2 from 1 in the same period. AUD/USD came under modest bearish pressure during the Asian trading hours and was last seen losing 0.2% on the day at 0.6365.

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