Market Comment: November 14, 2024
Today’s focus is key speeches from central banks, data on employment and production from the Eurozone, and U.S. producer price figures, all of which could steer markets and currency trends. Investors are watching for insights on inflation and economic stability from the European Central Bank and the U.S. Federal Reserve.
Key Data Out Today
- 08:30 EUR: ECB’s De Guindos speech.
- 10:00 EUR: Eurozone GDP (QoQ & YoY) and Industrial Production (Sep).
- 13:30 USD: U.S. Producer Price Index (PPI) and Jobless Claims.
- 19:00 EUR: ECB President Lagarde’s speech.
- 20:00 USD: Fed Chair Powell speech.
Energy & Precious Metals
- Crude Oil is down by 0.65%, holding at $67.99 as supply concerns ease.
- Brent Oil similarly dipped by 0.60%, standing at $71.85, continuing the week’s trend.
- Gold is trading lower by 0.50% at $2558.08 as USD strength impacts precious metals.
- Silver has declined by 0.69%, with a current price of $30.05, continuing the downtrend in industrial metals.
Currency Movements
- EUR/USD: Slight dip to 1.0551. The market awaits ECB statements on future policy. Eurozone data shows stable GDP growth but modest employment changes.
- GBP/USD: Marginal drop to 1.2691, with investors eyeing BoE’s policy signals amidst a slowing UK economy.
- AUD/USD: The Australian Dollar is trading lower at 0.6469, affected by subdued risk sentiment.
- NZD/USD: New Zealand Dollar weakens to 0.5865, with markets cautious ahead of global risk factors.
- USD/JPY: The Japanese Yen stands at 155.86, continuing its trend of softening against the dollar due to yield differentials.
- USD/CNY: The Chinese Yuan is stable at 7.2496, reflecting minor moves in anticipation of U.S.-China economic relations and upcoming data.
- USD/CHF: The Swiss Franc sits at 0.8868, with safe-haven demand slightly subdued as investors focus on U.S. data.
- USD/CAD: The Canadian Dollar stands at 1.4011, influenced by weaker oil prices impacting Canada’s resource-driven economy.
- USD/MXN: The Mexican Peso softened further to 20.57, impacted by dollar strength and mixed global risk sentiment.
- USDINR: The Indian Rupee remains relatively unchanged at 84.40, following recent stability in emerging market currencies.
Things to Keep a Watch On:
- ECB Policy Remarks: Markets await ECB commentary to gauge their stance on inflation control.
- U.S. Producer Price Index (PPI): This will be key for inflation expectations and future Fed actions.
- Fed Chair Powell’s Speech: Insights on monetary policy could impact USD and global markets.
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