Forex Today: Tension toward Trump's trade comments, boost for Boris holds up, data eyed

Yohay Elam FXStreet

Here is what you need to know on Tuesday, November 12:
- Tension is mounting toward President Donald Trump's speech at the New York Economic Club later today. Investors will want to hear about progress in US-Sino trade talks after the president rejected reports about rolling back tariffs. The mixed market mood is allowing the greenback to recover against the yen.
- GBP/USD is holding onto Monday's significant gains, triggered by Nigel Farage's announcement. The leader of the Brexit Party has abandoned plans to field candidates in all the UK and will compete only in constituencies where Conservatives failed to win in 2017. His move raises the chances that Prime Minister Boris Johnson wins an absolute majority. However, Tories are pressuring Farage to drop out of tightly-contested seats.
- The UK jobs report is set to show ongoing upbeat wage growth and a low unemployment rate. See UK Jobs Outlook: Win-win situation for GBP/USD amid BOE forecasts, Farage
Monday's Gross Domestic Product (GDP) growth has shown that Britain escaped a recession but 0.3% quarterly and 1% yearly expansion are dismal.
-Euro-zone: US tariffs on EU cars will likely be delayed according to reports. German Chancellor Angela Merkel has signaled support for a European banking union and further integration. Reforms may be needed to boost growth in the old continent. The ZEW Economic Sentiment Sentiment is set to show an improvement in business confidence, albeit remaining in negative territory.
- NZD/USD has been losing ground after Inflation Expectations came out at 1.8%, raising the chances for the Reserve Bank of New Zealand to cut rates early on Wednesday.
- Gold remains on the back foot, consolidating last week's losses, while oil holding up their ground around $57.
- Cryptocurrencies are attempting a recovery after consolidating previous losses.

See US recession fears retreat as markets, jobs rally

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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