FX Today: GDP figures in Euroland take centre stage; investors gear up for US data

Pablo Piovano FXStreet

The US Dollar (USD) resumed its downtrend on Thursday, reaching fresh monthly lows as market participants assessed the deal that ended the longest US government shutdown in history. Meanwhile, bets on a Fed rate cut in December remained pretty divided.

Here’s what to watch on Friday, November 14:

The US Dollar Index (DXY) remained on the back foot despite a small uptick in US Treasury yields across the curve, challenging the 99.00 zone, or monthly lows. The Fed’s Logan and Bostic are due to speak in an otherwise empty docket.

EUR/USD rose for the third day in a row, reaching fresh two-week highs near 1.1660. The Balance of Trade results in the broader euro area and the second estimate of the Q3 GDP Growth Rate will wrap up the weekly domestic calendar.

GBP/USD reversed two daily drops in a row and surpassed the 1.3200 barrier amid further weakness in the Greenback. Next on tap across the Channel will be the Inflation Rate on November 19.

USD/JPY hit new 9-month highs just over the 155.00 hurdle before embarking on a daily correction to the vicinity of the 154.00 support. The Tertiary Industry Index will be the salient event on the Japanese calendar.

AUD/USD ended the day practically unchanged despite hitting two-week tops around 0.6580 earlier in the session. The RBA will publish its Minutes on November 18.

WTI prices regained some composure following Wednesday’s sharp decline, briefly surpassing the $59.00 mark amid investors’ assessment of sanctions on Russian oil and global oversupply concerns.

Gold gave away initial gains near the $4,250 mark per troy ounce, or three-week peaks, and returned to the $4,190 region ahead of the closing bell on Wall Street on Thursday. Silver prices flirted with tops past the $54.00 mark per ounce before returning to the sub-$53.00 zone, down markedly for the day.

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD flirts with tops near 1.3470

GBP/USD manages to regain composure and challenge the area of daily highs around 1.3470 on Friday. Cable picks up pace despite marginal gains in the Greenback in a context of swelling geopolitical tensions and rising global oil prices.

Gold remains below $4,100 despite receding Fed hike bets, weak USD

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Gold's struggle with 21-day SMA extends ahead of US-Iran talks

Gold keeps its range around $4,050 early Monday, consolidating the previous decline. The US Dollar holds losses, fuelled by the USD/JPY slump and Mideast diplomacy hopes. Gold awaits a clear directional breakthrough, but sellers likely have the upper hand on the 1D chart.

Week ahead: US payrolls report and AI earnings to keep investors on edge

After the Fed decision, NFP report awaited for more rate hike clues. Employment also on the agenda in Canada and New Zealand. Chinese trade and Japanese wage data to be watched too. But Iran and AI headlines to remain in driver’s seat for risk sentiment.

Bitcoin dips, Ethereum consolidates, XRP stalls

Bitcoin, Ethereum and Ripple steadied on Monday after falling over 2.8%, 3.55% and 2.35%, respectively, the previous week. BTC trades below the key resistance level, ETH consolidates between the 50-day and 100-day Exponential Moving Averages.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.