Market Overview: November 11, 2024
The trading day began relatively quiet with not much on the agenda. New Zealand’s Reserve Bank (RBNZ) inflation expectations came in higher at 2.12% for Q4, showing a slight uptick from the previous quarter’s 2.03%. Later in the day, Australia’s Westpac Consumer Confidence data is expected. It could shed light on consumer sentiment. The country faces persistent inflation pressures.
Key Data Out Today
- 02:00: NZD – RBNZ Inflation Expectations (QoQ) (Q4) 2.12% 2.03%
- 23:30: AUD – Westpac Consumer Confidence (Nov) 6.2%
Energy & Precious Metals
- Crude Oil: Trading around $70.31 per barrel, down 0.11%. The weekly trend reflects a 1.63% drop, while monthly figures show a sharper decline of 4.78%.
- Natural Gas: Gained 5.86% to $2.83 per MMBtu, as Hurricane Rafael halts 16% of US Gulf of Mexico production.
- Gold: Down 0.51% to $2,670.71 per ounce, pressured by a stronger dollar.
- Silver: Dropped by 0.22% to $31.22 per ounce, reflecting a weekly decline of 3.61%.
Currency Movements
- EUR/USD: Lower by 0.18% at 1.0700, reflecting a subdued Euro with weaker-than-expected economic data.
- GBP/USD: Down 0.16% at 1.2896 as the Pound sees slight pullback amid ongoing BoE speculation.
- AUD/USD: Marginally lower at 0.6580, as traders await Australia’s consumer confidence data later today.
- NZD/USD: Stable at 0.5965, despite the higher-than-expected inflation expectations from RBNZ.
- USD/JPY: Up by 0.54% at 153.44, with the Yen under pressure from rising U.S. Treasury yields.
- USD/CNY: Up slightly at 7.1996, as the Yuan weakens with China’s ongoing economic recovery challenges.
- USD/CHF: Rises by 0.25% to 0.8776, reflecting a stronger dollar.
- USD/CAD: Up 0.09% at 1.3919, as the Canadian dollar softens against the greenback.
- USD/MXN: Stable at 20.1764, with only a 0.02% uptick.
- USD/INR: Marginally down at 84.3811, reflecting stability in the Indian Rupee.
Things to Keep a Watch On:
- Later today, Australia’s Westpac Consumer Confidence data for November will provide insight into consumer sentiment and spending behavior.
- Any unexpected geopolitical developments or central bank commentary may shift investor sentiment and impact key currencies.
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