The US dollar continued its rise, hitting new 2024 highs, even as the Trump-led rally showed signs of slowing and US yields dipped slightly ahead of a busy economic calendar on Friday.
Here’s what you need to know on Friday, November 15:
The US Dollar Index (DXY) printed a new 2024 peak north of 107.00 despite the decline in US yields across the curve. Retail sales will be at the center of the debate on the other side of the Atlantic, followed by the New York Empire State Manufacturing Index, Export and Import Prices, Industrial and Manufacturing Production, and Business Inventories.
EUR/USD broke below the 1.0500 support to hit fresh 2024 lows amid the dollar’s relentless upward movement. German wholesale prices will be published alongside speeches by the ECB’s McCaul, Lane and Cipollone.
GBP/USD broke below the 1.2700 support to hit new lows amid fresh dollar gains. The advanced figures of the GDP growth rate for the third quarter will be at the center of the debate on the UK agenda, followed by Business Investment, the Goods Trade Balance, Industrial and Manufacturing Production, Construction Production, the index Final second quarter Labor Productivity and the NIESR monthly GDP tracker.
USD/JPY rose beyond the 156.00 hurdle for the first time since mid-July on fresh gains in the US Dollar. Key data releases in Japan will include the preliminary third quarter GDP growth rate, Capacity Utilization, Industrial Production and Tertiary Industry Index.
Additional dollar strength and inconclusive price action in the commodities complex dragged AUD/USD to new lows near 0.6450. RBA’s Jones will be the only event in Australia at the end of the week.
WTI prices added to Wednesday’s marginal gains and turned their attention to the key $70.00 mark thanks to a positive EIA weekly report.
Gold prices advanced marginally and regained the $2,570 region after hitting new lows near $2,535 earlier in the day. Silver prices rebounded from the area below $30.00 per ounce, making a decent turnaround and ending the day with marked gains.
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.
