The US Dollar continued its ascent, reaching fresh 2024 highs, even as the Trump-led rally showed signs of slowing and US yields dipped slightly ahead of a busy economic calendar on Friday.
Here is what you need to know on Friday, November 15:
The US Dollar Index (DXY) printed a new 2024 peak north of 107.00 despite declining US yields across the curve. Retail Sales will be at the centre of the debate across the pond, seconded by the NY Empire State Manufacturing Index, Export and Import Prices, Industrial and Manufacturing Production, and Business Inventories.
EUR/USD broke below the 1.0500 support to hit new 2024 lows amidst the incessant move higher in the Greenback. Germany’s Wholesale Prices are due along with speeches by the ECB’s McCaul, Lane, and Cipollone.
GBP/USD broke below the 1.2700 support to reach new lows amid further gains in the Greenback. The advanced Q3 GDP Growth Rate figures takes centre stage on the UK docket, followed by Business Investment, Goods Trade Balance, Industrial and Manufacturing Production, Construction Output, the final Q2 Labour Productivity index, and the NIESR Monthly GDP Tracker.
USD/JPY climbed past the 156.00 hurdle for the first time since mid-July on the back of further gains in the US Dollar. Key data releases in Japan will include flash Q3 GDP Growth Rate, Capacity Utilization, Industrial Production, and the Tertiary Industry Index.
Extra strength in the Greenback and the inconclusive price action in the commodity complex dragged AUD/USD to new lows near 0.6450. The RBA’s Jones will be the sole event Down Under at the end of the week.
WTI prices added to Wednesday’s marginal gains and shifted their focus to the key $70.00 mark on the back of a positive EIA’s weekly report.
Prices of Gold advanced marginally and regained the $2,570 region after bottoming out in new lows near $2,535 earlier in the day. Silver prices bounced off the sub-$30.00 zone per ounce, making a decent U-turn and eventually ending the day with marked gains.
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EUR/USD: Further declines remain well in store
EUR/USD broke below the key 1.0500 support to clock a new 2024 low, always on the back of the intense strength in the Greenback, which sent the US Dollar Index (DXY) to fresh yearly peaks past 107.00 ahead of key US data releases on Friday.
GBP/USD reclaims the 1.2700 barrier and above
In line with the rest of its risk-related peers, GBP/USD leaves behind the initial drop to multi-month lows near 1.2630 and attempts a move beyond 1.2700 the figure amidst renewed weakness in the Greenback.
Gold trims early losses hovers around $2,575
The loss of momentum in the US Dollar and the retracement in US yields across the curve allow Gold prices to pick up some upside traction and revisit the $2,570 zone per ounce troy, trimming part of their early losses.
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