FX Today: GDP figures in Euroland take centre stage; investors gear up for US data
The US Dollar (USD) resumed its downtrend on Thursday, reaching fresh monthly lows as market participants assessed the deal that ended the longest US government shutdown in history. Meanwhile, bets on a Fed rate cut in December remained pretty divided.

The US Dollar (USD) resumed its downtrend on Thursday, reaching fresh monthly lows as market participants assessed the deal that ended the longest US government shutdown in history. Meanwhile, bets on a Fed rate cut in December remained pretty divided.

Here’s what to watch on Friday, November 14:

The US Dollar Index (DXY) remained on the back foot despite a small uptick in US Treasury yields across the curve, challenging the 99.00 zone, or monthly lows. The Fed’s Logan and Bostic are due to speak in an otherwise empty docket.

EUR/USD rose for the third day in a row, reaching fresh two-week highs near 1.1660. The Balance of Trade results in the broader euro area and the second estimate of the Q3 GDP Growth Rate will wrap up the weekly domestic calendar.

GBP/USD reversed two daily drops in a row and surpassed the 1.3200 barrier amid further weakness in the Greenback. Next on tap across the Channel will be the Inflation Rate on November 19.

USD/JPY hit new 9-month highs just over the 155.00 hurdle before embarking on a daily correction to the vicinity of the 154.00 support. The Tertiary Industry Index will be the salient event on the Japanese calendar.

AUD/USD ended the day practically unchanged despite hitting two-week tops around 0.6580 earlier in the session. The RBA will publish its Minutes on November 18.

WTI prices regained some composure following Wednesday’s sharp decline, briefly surpassing the $59.00 mark amid investors’ assessment of sanctions on Russian oil and global oversupply concerns.

Gold gave away initial gains near the $4,250 mark per troy ounce, or three-week peaks, and returned to the $4,190 region ahead of the closing bell on Wall Street on Thursday. Silver prices flirted with tops past the $54.00 mark per ounce before returning to the sub-$53.00 zone, down markedly for the day.

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