Amid another strong performance, the US dollar rose to new six-month highs as investors maintained their optimism around the “Trump trade” ahead of the release of key US data later in the week.
Here’s what you need to know on Wednesday, November 13:
The US Dollar Index (DXY) broke through the 106.00 barrier to reach multi-month peaks, helped by the sharp rebound in US yields. The US Inflation Rate release will be at the center of the debate, supported by the MBA Mortgage Applications and the API’s weekly report on US crude oil inventories. Additionally, Logan, Musalem and Schmid of the Fed.
EUR/USD weakened further and posted new 2024 lows in the 1.0595-1.0590 band in response to robust sentiment around the Dollar.
GBP/USD extended its deep decline to the region of 1.2720, or three-month lows, always supported by the relentless upward movement of the US Dollar.
USD/JPY added to Monday’s advance and was just shy of four-month highs near 155.00. Production Prices will be at the center of attention on the Japanese agenda.
Another day of sharp gains in the Dollar kept AUD/USD under pressure and led it to revisit the monthly low zone near 0.6510. The Wage Price Index will be revealed.
WTI prices alternated gains and losses around the $68.00 per barrel mark following two consecutive daily declines as traders assessed OPEC+’s revised forecast for crude oil demand this year and next, while the strong US dollar American kept the price action contained.
Further decline saw Gold prices plummet to two-month lows in the region below $2,600 per troy ounce amid further gains in the Dollar and rising US yields. Silver Prices They deflated to five-week lows, although the key area of ​​$30.00 per ounce maintained the decline.
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.
