Here’s what’s important for Monday, November 17th.
The US dollar starts the week on a strong note against major currencies, as the market reevaluates the chances of a Federal Reserve rate cut this December. Policymakers from prominent central banks are set to speak later today, and investors are keenly awaiting Canada’s inflation report for October.
USD price today
The following table illustrates the percentage change of the US dollar (USD) against key global currencies. Notably, the dollar is performing strongest against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.09% | 0.03% | 0.14% | -0.01% | 0.10% | -0.03% | 0.03% | |
| EUR | -0.09% | -0.07% | 0.09% | -0.08% | 0.01% | -0.12% | -0.05% | |
| GBP | -0.03% | 0.07% | 0.12% | -0.03% | 0.07% | -0.08% | 0.00% | |
| JPY | -0.14% | -0.09% | -0.12% | -0.16% | -0.07% | -0.20% | -0.13% | |
| CAD | 0.00% | 0.08% | 0.03% | 0.16% | 0.10% | -0.04% | 0.04% | |
| australian dollar | -0.10% | -0.01% | -0.07% | 0.07% | -0.10% | -0.13% | -0.05% | |
| new zealand dollar | 0.03% | 0.12% | 0.08% | 0.20% | 0.04% | 0.13% | 0.07% | |
| swiss franc | -0.03% | 0.05% | -0.00% | 0.13% | -0.04% | 0.05% | -0.07% |
The heat map displays percentage changes between these major currencies, showing how the USD compares against others.
Following some hawkish remarks from Fed officials, investors have reduced their expectations regarding a rate cut in December. Currently, the market estimates about a 56% likelihood that the Fed will keep interest rates steady in its last meeting of the year, a rise from around 37% just a week prior, as indicated by the CME FedWatch tool. In early European trading on Monday, the US dollar index approached 99.50. The Bureau of Labor Statistics announced that nonfarm payroll data for September will be released this Thursday. Meanwhile, US stock index futures showed slight gains of 0.1-0.6% for the day. Additionally, U.S. Treasury Secretary Scott Bessent mentioned over the weekend that the U.S.-China deal regarding rare earths is expected to be finalized by Thanksgiving, according to reports.
US dollar/Canadian dollar After dipping slightly last week, it’s now mostly trading within a narrow range just above 1.4000.
Japanese economic data released today revealed that GDP contracted at an annual rate of 1.8% in the third quarter, following a 2.3% growth in the second quarter. This outstripped market predictions for a 2.5% contraction. USD/JPY experienced quiet trading around 154.70 on Monday morning in Europe. Bank of Japan Governor Kazuo Ueda affirmed that the central bank would retain its accommodative monetary policy, as underlying inflation remains below the target rate.
euro/usd The price has been slightly consolidating above 1.1600 at the start of the European session.
After some gains earlier in the week, gold underwent a significant correction, closing below $4,100—losing most of its weekly advancements. On Monday, XAU/USD stabilized around $4,070.
GBP/USD Following a negative close on Friday, the pair ended the week nearly unchanged. Currently, it’s trading sideways above 1.3150 early on Monday morning.
