Here’s what you need to know to trade today Wednesday, November 15:
The US Dollar (USD) is struggling to find demand after suffering heavy losses against its main rivals on Tuesday and the British Pound (GBP) weakens during the European morning on Wednesday. Industrial production and trade balance data will be published on today’s European economic agenda of September. During the American session, market participants will closely follow the data of the Producer Price Index (PPI) and US October retail sales
The DXY Dollar Index plummeted during the American session on Tuesday and lost 1.5%, recording one of its largest daily losses of the year. Data from the United States revealed that inflation in the country, measured by The Consumer Price Index (CPI) softened to 3.2% in October, from 3.7% in September. In turn, Wall Street’s main indices rallied and the benchmark 10-year US Treasury yield fell to its lowest level in almost two months, below 4.5%. Early on Wednesday, the DXY Dollar Index consolidates its losses slightly above 104.00 and US stock index futures are trading slightly higher.
Dollar Quote this week
The following table shows the percentage change of the United States Dollar (USD) against the main currencies this week.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -1.67% | -1.99% | -0.84% | -2.22% | -0.49% | -2.32% | -1.48% | |
| EUR | 1.65% | -0.31% | 0.82% | -0.51% | 1.16% | -0.64% | 0.19% | |
| GBP | 1.95% | 0.32% | 1.12% | -0.23% | 1.46% | -0.33% | 0.50% | |
| CAD | 0.83% | -0.81% | -1.13% | -1.36% | 0.34% | -1.46% | -0.63% | |
| AUD | 2.16% | 0.54% | 0.22% | 1.34% | 1.67% | -0.11% | 0.72% | |
| JPY | 0.49% | -1.18% | -1.48% | -0.34% | -1.71% | -1.82% | -0.97% | |
| NZD | 2.28% | 0.65% | 0.34% | 1.45% | 0.11% | 1.79% | 0.83% | |
| CHF | 1.47% | -0.17% | -0.49% | 0.63% | -0.72% | 0.98% | -0.81% |
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 on Wednesday, China data has revealed that retail sales rose 7.6% year-on-year in October and industrial production grew by 4.6%. Both figures slightly exceeded analyst estimates.
On Tuesday, the pair GBP/USD It gained over 200 pips and rose above 1.2500 for the first time since mid-September. In the early hours of the European session on Wednesday, the pair has lost traction and retraced a small part of its rally after the UK Office for National Statistics reported that UK annual CPI rose 4.6% in Octobera sharp drop from 6.7% in September.
He EUR/USD broke above 1.0800 and continued to rise towards 1.0900 on Tuesday, reaching its highest level in 11 weeks. Early on Wednesday, the pair appears to have entered a consolidation phase above 1.0850.
On Tuesday, the pair USD/JPY suffered a sharp downward correction amid widespread dollar weakness and broke a six-day winning streak. At the time of writing, USD/JPY is posting small daily gains around 150.70. Data from Japan has revealed that industrial production grew by 0.5% month-on-month in September.
The price of Gold benefited from falling US yields and rose almost 1% on Tuesday. XAU/USD continues to rise early on Wednesday and is now up 0.35% on the day, settling around $1,970.
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.
