The US Dollar further extended its move higher, regaining traction after a negative first half of the session and rising to new 2024 peaks following the US CPI rise in October as well as cautious comments from USDA officials. the Fed.
Here’s what you need to know on Thursday, November 14:
The US Dollar Index (DXY) rose to yearly highs north of 106.50, always supported by the Trump-driven rally and mixed US yields. US inflation data will remain in focus with the release of Producer Prices for the month of October, followed by the usual weekly initial jobless claims and the EIA report on US crude oil inventories. In addition, it is expected that Barkin, Powell and Williams from the Fed speak.
EUR/USD lost further ground and weakened to new yearly lows near 1.0550 due to the intense uptrend of the US Dollar. Another estimate of the EMU third quarter GDP growth rate is expected, followed by the employment change index, industrial production and ECB minutes. In addition, De Guindos and Schnabel of the ECB are also expected to speak.
GBP/USD broke below the 1.2700 support to hit new lows amid further dollar gains. The RICS House Price Balance Index will be published alongside the BoE’s Bailey speech and Chancellor Reeves’ Mansion House speech.
USD/JPY broke through the 155.00 barrier to hit fresh four-month highs and extend its positive performance so far this week. Weekly foreign bond investment figures will be revealed.
Additional weakness in commodity prices put AUD/USD under additional pressure and prompted it to test the 0.6500 support. The release of Australia’s jobs report will be in the spotlight along with consumer inflation expectations and the RBA’s Bullock speech.
WTI prices reversed their multi-day bearish trend and managed to regain balance after bottoming below the $67.00 per barrel level earlier in the day.
Gold prices fell further and broke below the $2,600 per troy ounce level to hit fresh two-month lows amid the US dollar’s unstoppable march north. Likewise, silver prices moderated Tuesday’s small advance, hovering around the $30.50 area.
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.
