Forex Today: Trump's trade pessimism pressures markets, Spain stuck again, UK GDP set to rise

Yohay Elam FXStreet

Here is what you need to know on Monday, November 11:
- Trade: The market mood is somewhat downbeat amid pessimism related to trade talks. President Donald Trump has yet to make a decision on a rollback of tariffs that China has demanded. He said that reports about progress to reach a deal have been incorrect, especially the level of tariffs removal. The Japanese yen and Gold are trying to recover.
- Fed speak: Eric Rosengren, President of the Federal Reserve branch in Boston, will speak in Oslo later in the day. He kicks off a busy week of speeches from Fed officials, culminating in Chair Jerome Powell's testimony.
- UK elections: Weekend opinion polls have been mixed, but the broad picture is of a solid lead for Prime Minister Boris Johnson's Conservatives. The parties criticized each others' economic promises. See UK GDP Preview: GBP/USD may rise with Boris' hopes if upbeat forecasts are realized
- UK GDP: The UK publishes the first estimate of third-quarter Gross Domestic Product, which is expected to show a return to growth after contracting in the second quarter. Manufacturing Production figures for September are also published.
- Spain: Elections in the fourth-largest economy in the euro-zone have resulted in a hung parliament for the second time this year. Acting Prime Minister Pedro Sanchez has fewer options to cobble a government. The far-right Vox party has enjoyed substantial gains.
- Oil prices are off the highs as Saudi Aramco is set to begin its Initial Public Offering (IPO). Iran announced that it discovered a massive oilfield with reserves of 53 billion barrels, yet sanctions may prevent the field's development.
- Cryptocurrencies are extending their losses seen on Friday, with Bitcoin falling further away from $9,000.
- Bank holidays: France, the US, and Canada are off for Remembrance Day.

More 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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