Forex Today: Powell and the labour market should keep investors entertained

The US Dollar extended further its move higher, regaining traction after a negative first half of the session and climbing to new 2024 peaks after US CPI ticked higher in October as well as prudent remarks from Fed officials.

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

The US Dollar Index (DXY) rose to YTD highs north of 106.50, always on the back of the Trump-infused rally and mixed US yields. US inflation data will remain in centre stage with the release of Producer Prices for the month of October, seconded by the usual weekly Initial Jobless Claims and the EIA’s report on US crude oil inventories. In addition, the Fed’s Barkin, Powell, and Williams are due to speak.

EUR/USD lost further ground and weakened to new yearly lows near 1.0550 on the back of the intense uptrend in the US Dollar. Another estimate of the EMU’s Q3 GDP Growth Rate is due followed by the Employment Change index, Industrial Production and the ECB’s Accounts. Additionally, the ECB’s De Guindos, and Schnabel are also expected to speak.

GBP/USD broke below the 1.2700 support to reach new lows amid further gains in the Greenback. The RICS House Price Balance index will be published along the speech of the BoE’s Bailey and the Mansion House speech by Chancellor Reeves.

USD/JPY surpassed the 155.00 barrier to print new four-month highs and extend its positive performance so far this week. The weekly Foreign Bond Investment figures will be unveiled.

Extra weakness in commodity prices put AUD/USD under extra pressure and motivated it to put the 0.6500 support to the test. The release of the Australian jobs report will take centre stage along with Consumer Inflation Expectations and the speech by the RBA’s Bullock.

Prices of WTI reversed their multi-day bearish trend and managed to regain balance after bottoming out below the $67.00 mark per barrel early in the day.

Gold prices dropped further and broke below the $2,600 mark per ounce troy to hit new to two-month lows amid the unabated march north in the US Dollar. By the same token, prices of the ounce of Silver faded Tuesday’s small advance, hovering around the $30.50 zone.