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Forex Today: Markets choppy ahead of US housing data

Here’s what you need to know to trade today Friday, November 17:

Financial markets will remain relatively calm on Friday for the third day in a row in the absence of fundamental factors. Eurostat will publish the revisions of the Harmonized Consumer Price Index (IPCA) for October and in the US economic agenda the data of housing starts and construction permits.

On Thursday in the United States, uninspiring data was published that made the recovery of the US dollar difficult. The US Department of Labor reported that the number of initial applications for unemployment benefits increased by 13,000 to 231,000 in the week ending November 11 and the Federal Reserve’s monthly release revealed that industrial production contracted 0.6% in October following September’s 0.1% growth. Meanwhile, Wall Street’s main indices closed the day virtually unchanged, while the benchmark 10-year US Treasury bond yield turned lower and fell towards 4.4%.

Dollar Quote this week

The following table shows the percentage change of the United States Dollar (USD) against the major currencies this week.

USD -1.44% -1.28% -0.36% -1.77% -1.08% -1.27% -1.53%
EUR 1.42% 0.16% 1.06% -0.32% 0.36% 0.16% -0.06%
GBP 1.26% -0.15% 0.90% -0.47% 0.22% 0.03% -0.25%
CAD 0.36% -1.08% -0.91% -1.40% -0.72% -0.90% -1.15%
AUD 1.74% 0.31% 0.47% 1.37% 0.68% 0.50% 0.22%
JPY 1.07% -0.39% -0.22% 0.70% -0.70% -0.17% -0.46%
NZD 1.26% -0.19% -0.03% 0.87% -0.50% 0.19% -0.28%
CHF 1.49% 0.08% 0.24% 1.15% -0.23% 0.46% 0.28%

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).

He EUR/USD It closed flat on Thursday and has entered a consolidation phase around 1.0850 on Friday.

He GBP/USD fluctuated in a very narrow range near 1.2400 on Thursday. Early on Friday, the pair has started to decline and is now losing 0.23% on the day, standing at 1.2385.

He USD/JPY It turned lower on Thursday and closed below 151.00. The pair continued to decline during the Asian session and approached the 150.00 level. Earlier, the governor of the Bank of Japan, Kazuo Ueda, stated that The central bank does not yet have any specific plan on how it will sell ETFs and that a weaker Japanese Yen pushes up domestic inflation through increased import costs. “I cannot definitively say that the weakness of the Yen is negative for the Japanese economy,” added Ueda.

The price of Gold benefited on Thursday from the decline in US Treasury yields and surpassed $1,980. XAU/USD maintains its bullish momentum early Friday and advances towards $1,990.

Source: Fx Street

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