Things to watch out for on Tuesday, November 15:
The US dollar enjoyed some temporary demand earlier in the week, but quickly resumed its slide ahead of the US open, ending the day near its recent lows against most major rivals. The markets saw the appreciation of the dollar in the short term as an opportunity to sell it, reflecting that the tie has turned.
Global stocks struggled to extend last week’s rally, but most indices posted gains, while US government bond yields rose modestly.
Market operators struggled to digest News negative from china, as the country continues to report record coronavirus infections in Beijing and other major cities. The country will release some blue-chip macroeconomic numbers on Tuesday, which may steer market sentiment, at least during the Asian session.
On the other hand, hopes are growing that tensions between Russia and Ukraine could ease soon, after Moscow backed down and Ukrainian President Volodymyr Zelenskyy signaled that the country is ready for peace. However, the news should be taken with a pinch of salt, as it seems quite unlikely that Russia will withdraw from the breakaway regions.
Meanwhile, US President Joe Biden met with his Chinese counterpart Xi Jinping during the G20 summit in Bali. Versions of the result differ according to national sources. On the one hand, US President Biden said that they do not seek conflict and that there will not be a new Cold War. On the other, Chinese media reported that President Xi warned his US counterpart about the possibility of crossing a “red line” on Taiwan. Both presidents said they wanted to find the right direction and manage their differences.
EURUSD is trading a few points below Friday’s high at 1.0363, while GBPUSD struggles to recapture the 1.1800 level. The Australian dollar reached a fresh November high at the 0.6720 zone and is poised to extend its advance. USDCAD, meanwhile, moved north and trades around 1.3290 amid poor oil performance. Crude oil prices fell sharply amid the Chinese news, and WTI is trading around $86.10 a barrel.
On the other hand, gold spot held strongwith the XAUUSD hovering around $1,773 a troy ounce.
USDJPY rises, a few points below the 140.00 threshold, while USDCHF falls, hovering around 0.9410.
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.
