This is what you need to know to trade today Friday, November 19:
The dollar struggled to find demand on Thursday and the US Dollar Index (DXY) ended the second straight day in negative territory. However, with US Treasury yields taking the downward pressure off of me, the DXY appears to have stabilized above 95.50 on Friday. Investors await October UK retail sales data, German producer prices, the speech by the president of the European Central Bank (ECB), Christine Lagarde, and those of Fed members Waller and Clarida.
Major Wall Street indices closed mixed Thursday amid mixed results from major sectors, but US equity futures are trading green early in the European session. The 10-year US Treasury yield, which fell to a daily low of 1.57% on Thursday, is currently moving sideways near 1.6%.
Data from the United States showed that initial weekly jobless claims fell to 268,000 and the Philadelphia Fed manufacturing index improved markedly to 39 in November. Market participants showed little or no reaction to these figures. Chicago Fed Chairman Charles Evans said the Fed could start raising the monetary policy rate in 2022.
Meanwhile, the Central Bank of the Republic of Turkey (CBRT) lowered its monetary policy rate by 100 basis points and the USD/TRY rose to a new all-time high of 11.2925. At time of writing, the pair is trading around 11.1000, up more than 10% on a weekly basis.
EUR/USD extended its rebound to 1.1400 on Thursday, but lost its bullish momentum before the weekend. Currently, the pair is moving towards the range around the 1.1350 zone.
GBP /USD it is having a hard time making a decisive move in either direction and staying afloat around 1.3500. Brexit negotiators from the EU and UK are expected to meet in Brussels later in the day. UK retail sales are forecast to rise 0.5% in October after contracting 0.2% in September.
USD/JPY remains in a consolidation phase above 114.00 after Wednesday’s sharp decline. Data from Japan revealed that the National Consumer Price Index rose 0.1% annually in October, below the market expectation of 0.5%.
The oro it continues to fluctuate below the multi-month high that was set at $ 1,877 earlier in the week. Short-term support appears to have formed around $ 1860.
USD / CAD it reversed its direction after rising to its strongest level in more than a month near 1.2650. The recovery seen in crude prices appears to be helping the commodity-related loonie to remain resilient against its US counterpart.
Cryptocurrencies: Buyers were unable to recoup the $ 60,000 and Bitcoin it fell to its weakest level since mid-October at $ 56,500. On a weekly basis, BTC / USD is down almost 14%. Ethereum It lost almost 7% on Thursday, but appears to have found support at $ 4,000.
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