Things to look out for on Thursday, November 17:
The US dollar picked up some strength in the last trading session of the day, ending the day mixed across the currency board. The dollar benefited from worsening sentiment following Tuesday’s events in the Ukraine-Russia war, but also some fresh macroeconomic news.
The former President Donald Trump announced that he will seek another term in office, launching his presidential bid by 2024. The news was not a surprise, but it still raised concerns amid his views on the US relationship with China and other contentious issues.
Donald Trump is running for another term, hoping to become the first US president in 130 years to run again after being rejected by voters. In addition, the Republicans are close to winning control of the House of Representatives, adding 8 seats for a total of 217, just one short of the total needed to create a majority.
The United Kingdom published the Retail Price Index Consumption annualized, it stood at 11.1% in October, up from 10.1% the previous month, the highest reading in more than four decades.
US Treasury yields reflect renewed concerns about growth. The 2-year Treasury yield has risen slightly to 4.37%, while the 10-year Treasury yield stands at 3.70%, down about 9 basis points in the year. day. In the USA, a optimistic report on the Retail Sales, which rose 1.3% MoM in October, better than expected. The data sent values lower amid speculation that inflation could resume its rise, forcing the US Federal Reserve to continue its aggressive tightening path. The same reason supported rising yields at the shorter end of the curve.
In addition, central bank officials returned to the charge. European Central Bank (ECB) Vice-President Luis de Guindos said the ECB would continue to normalize policy and continue to tighten monetary policy, although Governing Council member Ignazio Visco added that the reasons for a less aggressive ECB are gaining ground.
On the other hand, the president of the Federal Reserve (Fed) from USAPresident Esther George said the Fed should slow the pace of rate hikes, noting that an economic contraction may be needed to reduce service sector inflation.
Finally, tensions have arisen in China, as the country continues to report an increase in coronavirus infections. Regional lockdowns spread across the country and even led to street protests, likely making the situation worse.
Wall Street spent the day lower, following the lead of its counterparts abroad. Losses, however, have been limited.
Australia will publish Thursday theOctober employment figures . The country is expected to have added 15,000 new jobs in the month, while the unemployment rate is forecast to rise to 3.6% from the current 3.5%.
EURUSD is trading around 1.0370, while GBPUSD is stable around 1.1890. Commodity currencies suffered the most, with AUDUSD dipping to the 0.6720 zone and USDCAD trading at 1.3230. There was little action on safe havens, with USDCHF and USDJPY limited to tight intraday ranges, settling at 0.9440 and 139.60, respectively.
Gold consolidated gains and held at known levels, now trading around $1,773 a troy ounce, while crude oil prices eased, with WTI trading at $85.50 a barrel.
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
