Market Comment: November 18, 2024
Today’s market opens with a series of speeches from central banks, including the ECB, Fed, and BoJ. GBP/USD is showing signs of weakness, weighed down by recent data and cautious market sentiment. Energy prices are stabilising, while gold recovers some loses this morning as rates jump almost 1% on positive global cues.
Key Data Out Today
- JPY: BoJ Governor Ueda speech at 04:45 GMT.
- EUR: Speeches from German Buba President Nagel, ECB’s De Guindos, Lane, and Lagarde.
- USD: Fed’s Goolsbee speech at 15:00 GMT.
- GBP: BoE’s Greene speech at 18:30 GMT.
Energy & Precious Metals
- Crude Oil: Slight decline, trading at $67.00 (-0.03%), weighed by concerns about weakening global demand.
- Brent Oil: Mild improvement to $71.15 (+0.16%), showing resilience amidst market uncertainty.
- Gold: Bounced back with a 0.91% increase to $2,585.84 as investors shift to safe-haven assets.
- Silver: Gained 1.32%, now at $30.64, supported by both safe-haven buying and industrial demand.
Currency Movements
- EUR/USD: Holding steady at 1.0542 (+0.02%), as investors await speeches from ECB officials.
- GBP/USD: Slight recovery, trading at 1.2634 (+0.14%), despite lingering pressure from last week’s economic data.
- AUD/USD: Marginal rise to 0.6464 (+0.07%) amid muted risk appetite.
- NZD/USD: Flat at 0.5859 (-0.01%), reflecting limited movement in risk-sensitive currencies.
- USD/JPY: Modest rise, trading at 154.44 (+0.10%), driven by dollar strength.
- USD/CHF: Down slightly to 0.8872 (-0.11%), reflecting mild safe-haven demand for the Swiss Franc.
- USD/CAD: Flat at 1.4085 (-0.01%) as Canadian dollar struggles with weak oil prices.
- USD/MXN: Stable at 20.35 (+0.03%), with minor fluctuations expected through the day.
- USD/INR: Slight dip to 84.39 (-0.06%), remaining within a narrow trading range.
Things to Keep a Watch On:
- ECB Speeches: Multiple appearances by ECB leaders may signal the bloc’s policy direction.
- BoJ Updates: Governor Ueda’s speech may shed light on Japan’s monetary outlook.
- Fed Commentary: Goolsbee’s speech will be watched for cues on U.S. rate decisions.
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