Market Comment: November 15, 2024
Today the markets are reacting to the UK’s GDP numbers that indicate a slight contraction in September. They fell by 0.1% month-on-month and by 0.1% quarter-on-quarter for Q3. In the U.S., retail sales data for October is due later today. Followed by speeches from ECB Lane and further from the FED in the US.
Key Data Out Today
- 07:00 GBP: UK GDP (MoM) for September and Q3 GDP (QoQ).
- 13:30 USD: U.S. Retail Sales (MoM) and Retail Sales Control Group (Oct).
- 14:00 USD: Fed’s Collins speech.
- 15:00 EUR: ECB’s Lane speech.
- 18:15 USD: Fed’s Williams speech.
Energy & Precious Metals
- Crude Oil: Down by 1.62%, trading at $67.59, pressured by weaker global demand signals.
- Brent Oil: Also decreased by 1.62%, now at $71.39, with similar demand concerns as crude.
- Gold: Slight decline of 0.15%, priced at $2563.13, as dollar strength weighs on safe-haven assets.
- Silver: Marginal change at $30.36, tracking similar pressures affecting gold.
Currency Movements
- EUR/USD: Up by 0.25% to 1.0556, supported by a slight pullback in USD ahead of U.S. retail data.
- GBP/USD: Modest rise to 1.2673 as traders weigh weaker-than-expected UK GDP numbers.
- AUD/USD: Trades slightly higher at 0.6464, despite broader concerns about global economic growth.
- NZD/USD: The New Zealand Dollar shows a minor gain, reaching 0.5864.
- USD/JPY: Down by 0.37%, with the yen trading at 155.90, reflecting slight demand for safe havens.
- USD/CNY: Yuan strengthens to 7.2341, moving slightly against the USD.
- USD/CHF: Swiss Franc appreciates to 0.8876, as the dollar retreats slightly.
- USD/CAD: Stable at 1.4060, amid fluctuations in oil prices impacting the Canadian dollar.
- USD/MXN: Minor increase in the Peso, now at 20.46.
- USDINR: Indian Rupee remains stable at 84.44, reflecting little movement against the dollar.
Things to Keep a Watch On:
- UK GDP Reaction: The slight contraction in UK GDP could weigh on the pound. This impact is likely if the market sees it as a precursor to slower economic momentum.
- U.S. Retail Sales Data: Key for gauging consumer resilience amid inflation, influencing expectations for the Fed’s next moves.
- Fed and ECB Speeches: Comments from Fed officials and ECB’s Lane could provide insights into future policy direction. These insights might affect USD and EUR pairs.
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