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Forex Today: Sentiment sours, dollar recovers - FXStreet

What you need to take care of on Wednesday, November 16:

 It was another volatile day in the FX sphere, with optimism and fears mixing throughout the day. The American Dollar plummeted to fresh monthly lows against most major rivals ahead of Wall Street’s opening but posted a nice comeback ahead of the close.

Modest concerns surged at the beginning of the day following tepid Chinese data. According to official sources,  Industrial Production grew by 5% YoY in October, missing the market expectation for an expansion of 5.2%. Also, Retail Sales contracted by 0.5% in the same period, worse than the 1% advance anticipated.

The market sentiment improved following the release of the US Producer Price Index as it rose by 8% YoY, improving from the previous 8.4%.

The mood changed following news that Russian missiles hit Poland, killing at least two people. Missiles landed in the Polish village of Przewodów, near the border with Ukraine, and the government called an emergency meeting. Worth remembering Poland is a NATO member, and things could escalate fast. Some Poland sources suggest it is most likely the remains of a Russian rocket shot down by the Armed Forces of Ukraine.

The EURUSD peaked at 1.0480, then fell to 1.0292. It currently trades at around 1.0320. GBPUSD hovers around 1.1830 after surging to 1.2028. UK-employment-related data was generally disappointing. The ILO Unemployment Rate rose to 3.6% in September, while wage inflation rose in October. The country will publish the October Consumer Price Index on Wednesday.

Commodity-linked currencies ended the day with modest gains vs their American rival, with AUDUSD trading at around 0.6750 and USDCAD surrounding 1.3300. Save-have currencies remained under pressure, with USDCHF now trading at 0.9450 and USDJPY at 139.40.

Gold extended its monthly rally but ended Tuesday with modest gains at around $1,776 a troy ounce. Crude oil prices rallied with Russian-Ukraine news, and WTI settled at around $86.80 a barrel.

Former US President Donald Trump said he would do an announcement at his house at Mar-a-Lago tonight.  Market players anticipate he will announce he will run for President again in 2024.

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2022-11-15 19:51:32Z
CBMiVmh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9uZXdzL2ZvcmV4LXRvZGF5LXNlbnRpbWVudC1zb3Vycy1kb2xsYXItcmVjb3ZlcnMtMjAyMjExMTUxOTUx0gFaaHR0cHM6Ly93d3cuZnhzdHJlZXQuY29tL2FtcC9uZXdzL2ZvcmV4LXRvZGF5LXNlbnRpbWVudC1zb3Vycy1kb2xsYXItcmVjb3ZlcnMtMjAyMjExMTUxOTUx

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