Forex Today: The financial world keeps gyrating around the US and China

Here is what you need to know Monday, November 11th:

  • The greenback finished the week with substantial gains against all of its major rivals, even those considered safe-havens, in spite of some negative US-China trade deal news. Late Friday, the market knew that US President Trump hadn’t made up his mind on removing tariffs in the case a deal is made. The news spurred short-lived safe-haven demand. The EUR/USD pair settled just above. 1.1000.
  • Brexit: the Scottish PM, Nicola Sturgeon, launched the SNP campaign for the general election in Edinburgh, making it clear that she will not support Boris Johnson and, at the same time, seek support for an independence referendum for Scotland.  Nevertheless, the latest UK election polls published over the weekend indicated that the Conservative Party continues advantaging its rivals. Pound remains under pressure amid dovish BOE on Thursday.
  • US Treasury yields continued advancing ahead of the weekly close. The yield on the benchmark 10-year Treasury note closed at 1.94% a level last seen in July.  .Wall Street settled near record highs, posting modest gains on Friday.
  • Gold prices collapsed.  Spot settled at its lowest since last July around $1.450.00 a troy ounce.
  • Crude oil prices recovered almost $2.00 a barrel ahead of the close, finishing the week with gains.
  • Cryptocurrencies spent the weekend in consolidative mode after falling sharply on Friday. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Bearish hammer on D1 ahead of ECB minutes

EUR/USD is looking heavy ahead of the minutes of the ECB Oct policy meeting, which are expected to show the members stand divided on which course to take. Waning trade optimism will likely keep the EUR on the defensive.


GBP/USD turns positive above 21-DMA as challenges to Tories recede

With the Tory supporters paying little heed to the previous day’s ITV debate, not to forget a surprise turnaround in the opposition Labour party loyalists, GBP/USD trades  better bid above 1.2900 while heading into the London open on Thu.


USD/JPY bounces-off 50-DMA but lacks follow-through

USD/JPY has bounced up from the 50-day MA support of 108.28. China's Vice Premier Liu He is cautiously optimistic about the prospects of the US-China trade deal. Related markets, however, are not buying Liu He's optimism, keeping the recovery in check. 


Gold: Doji on D1 questions bulls amid mixed trade sentiment

Although the United States’ (US) support for Hong Kong protesters favors the broad risk-off momentum, the mixed response from Chinese diplomats and a bearish candlestick formation question Gold buyers around $1,473 during early Thursday.

Gold News

Hong Kong now a feature in trade negotiations?

The US Senate and House have both passed the Hong Kong Human Rights and Democracy Bill, so now it heads to the desk of US President Trump to either sign or veto it. Sources suggest that the President will sign it into law.

Read more