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Forex Today: Sentiment sours, dollar recovers

by ForexGuy
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Notes for Wednesday, November 16

Optimism and anxiety mixed all day long, making it another volatile day in the forex space. The US dollar plummeted to new monthly lows against most of its major rivals before Wall Street opened, but posted a nice rally before the close.

Small concerns surged early in the next day lukewarm Chinese dataOfficial sources said industrial production rose 5% year-on-year in October, falling short of market expectations for a 5.2% expansion. Also, retail sales over the same period he contracted 0.5%, worse than the expected 1% advance.

Market sentiment improved after the US Producer Price Index was released, rising 8% year-on-year, up from 8.4% previously.

The atmosphere changed after receiving the news. Russian missiles hit Poland, Killed at least two people. The missile landed in the Polish village of Przebodov, near the border with Ukraine, and the government called an emergency meeting. It’s worth remembering that Poland is a member of NATO and things could escalate quickly. suggests that it is most likely

EURUSD peaked at 1.0480 and then dropped to 1.0292. It is currently trading at around 1.0320. GBPUSD is hovering around 1.1830 after rising to 1.2028. UK employment data were generally disappointing.of ILO unemployment rate Wage inflation rose to 3.6% in September and rose in October. The country will release its October consumer price index on Wednesday.

Commodity related currencies ended the day with a modest gain against US rivals, with AUDUSD trading around 0.6750 and USDCAD around 1.3300. USDCHF is currently trading at 0.9450 and USDJPY is trading at 139.40.

Gold continued its monthly gains, ending with a modest gain of about $1,776 per troy ounce on Tuesday. Oil prices rose on news of Russia and Ukraine, and WTI he settled at around $86.80 a barrel.

Former US President Donald Trump He said he would make an announcement tonight at his home in Mar-a-Lago. Market insiders expect him to announce that he will run for president again in 2024.

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