German Retail Sales and Canadian GDP in Focus

Daily Currency Update

Market Comment – Friday, 29 November 2024

Today’s spotlight is on German and Eurozone inflation data, retail sales, and Canadian GDP figures. German retail sales posted a sharp monthly decline, adding pressure to the euro. Meanwhile, energy markets are under pressure, and precious metals are regaining some ground. Currency markets are showing notable movement, particularly USD/JPY, which has dropped further as the yen strengthens.

Person checking October 10 Market Update on mobile, featuring a financial chart displaying CPI, energy prices, and currency movements data.

Energy & Precious Metals

  • Crude Oil and Brent: WTI crude fell 0.58% to $68.53, while Brent dropped 1.15% to $72.22. Concerns about weaker global demand continue to weigh on prices.
  • Gold: Rose 0.82% to $2,660.31 per ounce, supported by dollar weakness and safe-haven buying.
  • Silver: Jumped 1.39% to $30.66, showing stronger performance compared to gold.

Things to Keep a Watch On:

  1. Eurozone Inflation (10:00 GMT): Harmonized CPI and core inflation figures will influence ECB expectations and EUR movements.
  2. Canadian GDP (13:30 GMT): Growth figures will be crucial for USD/CAD movements and broader risk sentiment.
  3. Energy Prices: Oil and natural gas remain volatile; further price changes could ripple across markets.
  4. USD/JPY and USD/INR: Watch these pairs closely, as yen gains momentum while the rupee hovers near record lows.
  5. Gold and Silver: Precious metals remain in focus as inflation data and dollar movements shape safe-haven demand.

Get Live Exchange Rates Instantly

Use our Currency Converter to access real-time rates for over 100 currencies.