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. 

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