This is what you need to know to trade today Monday, November 15:
The dollar made impressive gains against its rivals last week, but appears to have opened on the defensive on Monday with the US Dollar DXY index falling back to the 95.00 region. Cautiously optimistic market sentiment and falling US Treasury yields make it difficult for the USD to find demand. Investors await the Eurozone Trade Balance report and the Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
Data from China revealed on Monday that retail sales expanded 4.9% annually in October, beating the market’s expectation of 3.5%. In addition, industrial production grew 3.5% in the same period, compared to the analysts’ estimate of 3%. Despite the bullish data, the Shanghai Composite Index is trading flat on the day. On the other hand, the Nikkei 225 rises 0.5% and the futures of the US stock indices register modest gains at the beginning of the European session.
According to the Xinhua news agency, the US-China Business Council urged the United States to cut tariffs, saying that tariff costs compounded by inflation were placing a significant burden on the US economy. Later in the day, US President Joe Biden and Chinese President Xi Jinping will have a virtual meeting.
The EUR/USD It touched its lowest level since July 2020 at 1.1432 on Friday and appears to have entered a consolidation phase above 1.1450 on Monday. In the absence of high-level macroeconomic data, the pair’s price action could remain subdued for the rest of the day.
The GBP/USD it remains in positive territory above 1.3400 at the start of the week. The UK and the EU will enter into talks this week to try to resolve issues around Northern Ireland’s Brexit protocol.
The USD/JPY it fluctuates within a relatively narrow range around 114.00. Bank of Japan (BoJ) Governor Haruhiko Kuroda said earlier in the day that he will not end or abandon loose monetary policy, even if consumer inflation in Japan rises to 1%. Meanwhile, data from Japan showed that gross domestic product GDP contracted 0.8% on a quarterly basis in the third quarter.
The oro it gained more than 2% last week, with the precious metal finding demand as a hedge against inflation. XAU / USD is declining on Monday, but hovering above $ 1,850.
Cryptocurrencies: Bitcoin managed to post modest gains over the weekend and is trading around $ 65,000 on Monday. The Ethereum It moved lower in the previous days, but seems to have found support around $ 4,500. At the time of writing, ETH is up 1.7% on the day at $ 4,700.
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