Here's what you need to know on Friday, November 15th.
Asian stocks remained mixed, dragged down by mixed China activity data and a gloomy Wall Street overnight close. Despite a notable increase in China's retail sales, the country's industrial production and fixed asset investment data were disappointing, amplifying economic concerns and keeping markets on edge.
There is a sense of tension as there is uncertainty about the future interest rates of the US Federal Reserve Board (Fed). Markets backed off on expectations for a 25 basis point (bps) rate cut in December after Fed Chair Jerome Powell became more hawkish and Thursday's positive producer price index (PPI) data.
Powell said there was no need for the central bank to rush to cut interest rates, citing continued economic growth, a strong job market and persistent inflation as reasons to be wary of easing policy too soon. Meanwhile, the annual headline PPI rose 1.9% in September and rose 2.4% in October following Wednesday's sticky US CPI inflation data.
According to CME Group's FedWatch tool, market pricing for next month's 25 basis point rate cut has fallen to about 69% from 83% a day earlier.
Rising expectations that the Federal Reserve will reduce its rate cuts has provided further support for President Trump's trade-driven rise in the US dollar (USD) and US Treasury yields. Traders are now looking to U.S. retail sales and industrial production data for new clues about the health of the economy that could change the Fed's easing expectations. Several Fed policymakers are scheduled to speak later on about U.S. trading.
USD price today
The table below shows the percentage change of the US dollar (USD) against major currencies today. The US dollar was the strongest against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.14% | -0.09% | 0.11% | 0.05% | -0.13% | -0.16% | -0.18% | |
| EUR | 0.14% | 0.05% | 0.23% | 0.20% | 0.00% | -0.02% | -0.03% | |
| GBP | 0.09% | -0.05% | 0.18% | 0.15% | -0.04% | -0.07% | -0.09% | |
| JPY | -0.11% | -0.23% | -0.18% | -0.02% | -0.23% | -0.27% | -0.28% | |
| CAD | -0.05% | -0.20% | -0.15% | 0.02% | -0.20% | -0.21% | -0.23% | |
| australian dollar | 0.13% | -0.01% | 0.04% | 0.23% | 0.20% | -0.03% | -0.07% | |
| new zealand dollar | 0.16% | 0.02% | 0.07% | 0.27% | 0.21% | 0.03% | -0.02% | |
| swiss franc | 0.18% | 0.03% | 0.09% | 0.28% | 0.23% | 0.07% | 0.02% |
The heat map shows the percentage change between major currencies. The base currency is selected from the left column and the quote currency is selected from the top row. For example, if you select USD from the left column and move along the horizontal line to Japanese Yen, the percentage change displayed in the box represents USD (base)/JPY (estimate).
On the other side of the Atlantic, the United Kingdom is scheduled to release preliminary third-quarter gross domestic product (GDP) figures, along with manufacturing production data. Meanwhile, European Central Bank (ECB) officials are on guard as markets are pricing in aggressive policy easing in the face of a worsening economic outlook.
Across the entire FX board, USD/JPY hit a four-month high at 156.75, before regaining gains and trading around 156.50. Japan's verbal intervention warning saved Japanese yen buyers from the unimpressive pain of third-quarter GDP.
Antipodean countries have ignored the lukewarm risk tone and mixed China statistics and continued their recovery from the lowest point in months. Australian dollar/US dollar Although it has returned to a level above 0.6450, New Zealand dollar/US dollar Recovered 0.5850.
US dollar/Canadian dollar It remains flat above 1.4050 amid a 1% decline. WTI oil And it outperforms the Canadian dataset. US oil is back in the red after abandoning the $68 benchmark again.
euro/usd Holding the rebound above 1.0500, we are awaiting ECB announcements and US data for further trading incentives.
GBP/USD Traders are refraining from making new bets on the pound ahead of major UK and US statistics, with the currency still capped below 1.2700. On Thursday, BoE policymaker Katherine Mann insisted the central bank should keep interest rates at current levels until the upside risks to inflation have passed.
gold It is challenging the key daily support at $2,545 as sellers fight back against control amid sustained USD demand.
