Here is what you need to know on Thursday, November 14:
- Fed: Jerome Powell, Chairman of the Federal Reserve, has said that the economy and monetary are in a good place while leaving the door open to rate cuts if the outlook deteriorates. The US Dollar has retreated only against the safe-haven yen while advancing against other currencies. EUR/USD has dipped below 1.10. Powell continues his testimony today. See Chairman Powell Lauds Economy and Eschews Politics in Congressional Testimony
- Trade: US-Sino trade talks have hit another snag on Chinese agricultural purchases, with Beijing refusing to commit to the amount of money invested. This issue adds to disagreements on tariff removals. On the other hand, President Donald Trump has insisted that negotiations are going along "rapidly."
- Chinese investment slowed down to 5.2% yearly while industrial output disappointed with 4.7%. The weak data is weighing on markets.
- AUD/USD is on the back foot after Australia's Unemployment Rate rose to 5.3% and as the land down under shed 19,000 jobs. Weak Chinese figures have also been weighing on the Aussie.
- Germany is set to report that it entered a technical recession in the third quarter, by contracting by 0.1% in the third quarter. Investors are wondering about the length of the downturn. See German GDP Preview: Improving sentiment will limit the recession
- UK Retail Sales are set to show an increase in October after stagnating beforehand. Previous British releases this week have been disappointing, with UK inflation missing with only 1.5% yearly.
- UK elections: Prime Minister Boris Johnson's response to floods is under criticism. Four weeks to the elections, his Conservative Party remains in the lead, albeit with a narrower gap.
- US Producer Price Index figures are expected to return to growth on a monthly basis. Wednesday's Core Consumer Price Index (CPI) missed with 2.3% yearly.
- Oil prices are on the rise amid speculation about the next move by OPEC+. Crude Oil Inventories are due out today.
- Cryptocurrencies are resuming their falls, with Bitcoin dropping below $8,700.
More Powell Analysis: Fed may cut rates in 2020, but the dollar moves to Trump's tune
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