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Forex Today: Dollar clings to modest recovery gains ahead of Fed comments and mid-level data

Here’s what you need to know to trade today Thursday November 16:

Following the sharp decline recorded on Tuesday following the US inflation data, the Dollar Index (USD) recovered modestly on Wednesday and managed to stretch higher early on Thursday. In the second half of the day, weekly jobless claims, the Philadelphia Fed manufacturing survey and October industrial production data for the United States will be released. Federal Reserve (Fed) policymakers Loretta Mester, John Williams and Governor Lisa Cook will speak during US trading hours. European Central Bank President Christine Lagarde will also deliver a pre-recorded keynote speech at the European Systemic Risk Board’s Annual Online Conference.

US data revealed on Wednesday that Retail sales fell less than expected in October, while producer price inflation continued to slow. While the risk rally lost strength after the publication of this mixed data, the main Wall Street indices closed flat and the Dollar managed to remain firm against its main rivals.

Price of the Dollar this week

The following table shows the percentage change of the United States Dollar (USD) against the main currencies quoted this week. The USD was the weakest currency against the AUD.

USD -1.47% -1.25% -0.71% -1.80% -0.05% -1.45% -1.51%
EUR 1.45% 0.21% 0.74% -0.35% 1.40% -0.01% -0.01%
GBP 1.26% -0.20% 0.55% -0.52% 1.20% -0.17% -0.24%
CAD 0.72% -0.73% -0.51% -1.06% 0.67% -0.70% -0.77%
AUD 1.77% 0.32% 0.54% 1.07% 1.71% 0.34% 0.30%
JPY 0.06% -1.41% -1.18% -0.65% -1.73% -1.37% -1.44%
NZD 1.47% 0.02% 0.24% 0.77% -0.31% 1.41% -0.02%
CHF 1.48% 0.03% 0.25% 0.78% -0.30% 1.42% 0.06%

The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the euro in the left column and scroll down the horizontal line to the Japanese yen, the percentage change that appears in the box will represent EUR (base)/JPY (quote).

During the Asian session, the Australian Bureau of Statistics reported that the unemployment rate had risen to 3.7% in October, up from 3.6% in September. The participation rate rose to 67% from 66.8% in the same period, while the change in employment was +55,000, much better than market expectations of an increase of +20,000. Other data from Australia showed consumers’ inflation expectations rose to 4.9% in November from 4.8%. The pair AUD/USD It turned lower after the release of this data and broke below 0.6500.

He EUR/USD encountered resistance before reaching 1.0900 and posted small losses on Wednesday. Early on Thursday, the pair fluctuates in a narrow channel around 1.0850.

After exceeding 1.2500, the GBP/USD It suffered a technical correction on Wednesday and extended its decline early on Thursday. At press time, the pair was trading in negative territory below 1.2400.

He USD/JPY gained almost 100 points on Wednesday and settled above 151.00. In the European morning on Thursday, the pair fluctuates in a narrow channel slightly below 151.50.

He Gold struggled to preserve its bullish momentum as the 10-year US Treasury yield bounced towards 4.5%. After closing flat on Wednesday, XAU/USD began to rise towards $1,970 early on Thursday.

Source: Fx Street

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