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Forex Today: Quiet start to big central bank week

Here is what you need to know on Monday, December 11:

Financial markets stay relatively quiet early Monday as investors gear up for highly-anticipated macroeconomic data releases and central bank meetings later in the week. The economic calendar will not offer any high-tier data releases. In the late American session, the outcome of the 10-year US Treasury note auction will be watched closely by participants.

The US Dollar (USD) Index snapped a three-week losing streak as the upbeat November jobs report helped the currency preserve its strength heading into the weekend. Nonfarm Payrolls (NFP) in the US rose by 199,000 and the Unemployment Rate declined to 3.7% from 3.9%, the US Bureau of Labor Statistics reported on Friday. Early Monday, the USD Index holds steady at around 104.00. Meanwhile, the benchmark 10-year US Treasury bond yield continues to fluctuate above 4.2% and US stock index futures trade modestly lower on the day.

US Dollar price today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.

 USDEURGBPCADAUDJPYNZDCHF
USD -0.02%0.05%-0.01%0.24%0.26%0.13%-0.05%
EUR0.01% 0.06%0.01%0.26%0.28%0.15%-0.03%
GBP-0.04%-0.06% -0.05%0.20%0.22%0.08%-0.09%
CAD0.01%-0.01%0.05% 0.25%0.27%0.14%-0.04%
AUD-0.24%-0.26%-0.21%-0.25% 0.02%-0.11%-0.29%
JPY-0.26%-0.28%-0.32%-0.27%-0.03% -0.14%-0.31%
NZD-0.13%-0.15%-0.08%-0.14%0.11%0.13% -0.18%
CHF0.05%0.03%0.09%0.04%0.29%0.31%0.18% 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

The data from China showed that the Consumer Price Index declined by 0.5% on a monthly basis in November, bringing the annual CPI inflation rate down to -0.5% from -0.2% in October.

EUR/USD touched its lowest level in three weeks below 1.0730 on Friday and ended up closing the week in negative territory. Early Monday, the pair consolidates the previous week's losses and trades above 1.0750.

GBP/USD moves up and down in a narrow channel at around 1.2550 to start the new week. On Tuesday, the UK's Office for National Statistics will release labor market figures for October.

After fluctuating wildly in the second half of the previous week on speculations that the Bank of Japan was preparing to move out of negative rates, USD/JPY gained traction and rose above 145.00 early Monday. 

Gold extended its weekly slide on Friday but managed to close slightly above $2,000. XAU/USD struggles to shake off the bearish pressure and tests that key level in the European morning on Monday.

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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