Forex Today: Dollar remains strong, US coronavirus-related news may weigh

FXStreet Team FXStreet

Here is what you need to know on Thursday, November 12:

Volatility kept shrinking on Wednesday, with limited action across financial boards. The greenback strengthened unevenly, but major pairs remain within familiar levels, amid a holiday in the US and the absence of a fresh catalyst.

The EUR was the weakest, pressured by the persistent increase of coronavirus cases in Europe, and comments from ECB’s Lagarde, as she mentioned the risk poised to inflation´s recovery coming from exchange developments when speaking at an ECB Forum. The EUR/USD pair fell to 1.1745, recovering modestly ahead of the close.

The pandemic is also taking its toll on the US. The country keeps reporting record cases on a daily basis, well above 100K per day. New York has announced a 10 p.m. curfew on bars, restaurants and gyms, to contain the spread. COVID-19 hospitalizations in the country surpassed 60,000. Should the country take more restrictive measures, the dollar will likely suffer.

GBP/USD briefly traded above 1.33 amid a generally positive mood but plunged towards 1.32 on the back of Brexit headlines. Trade talks between the UK and the EU are set to continue next week, despite the previous speculation that a deal would need to be closed this week to get parliamentary ratification before December 31. Ireland’s Foreign Minister Simon Coveney said that if a deal is not got by next week, “we will have real problems."

The AUD/USD pair remained mute, as gold also failed to attract buyers. The bright metal trades in the $1,860.00 price zone. Crude oil prices advanced at the beginning of the day, but trimmed gains ahead of the close.

Wall Street closed mixed after a strong start to the day.

Regarding the US presidential election, the dispute continues, although things are getting rougher for President Donald Trump. According to the latest news, Joe Biden’s lead in Pennsylvania is greater than the margin needed to trigger a recount.

Cryptocurrencies Price Prediction: Ethereum, Vechain & Ripple – American Wrap 11 November

Author

FXStreet Team

FXStreet

EUR/USD advances above 1.1800 ahead of German inflation data

EUR/USD stretches higher above 1.1800 in the European session on Friday, helped by sustained US Dollar weakness. Attention now turns toward the release of the preliminary inflation data for February from Germany and its major states during the day.

GBP/USD struggles near 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band near 1.3500 in European trading on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound and the GBP/USD pair.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.