The US dollar extended its march north and hit new 2024 highs on further weakness in the risk universe and continued geopolitical concerns ahead of key data releases on Friday.
Here’s what you need to know on Friday, November 22:
The US Dollar Index (DXY) rose further above the 107.00 barrier to record new highs for the current year. S&P Global’s preliminary manufacturing and services PMIs stand out on the economic calendar, followed by Michigan consumer sentiment.
He EUR/USD remained well defensive and retreated to the 1.0460 area to record new yearly lows. Germany’s third-quarter GDP growth rate will be released, along with preliminary HCOB manufacturing and services PMIs in Germany and the Eurozone, and speeches from Lagarde, De Guindos, Nagel, Tuominen and Schnabel of the ECB.
He GBP/USD traded lower and broke below key support at 1.2600, or multi-month lows. The retail sales release will be in focus, followed by S&P Global’s advanced manufacturing and services PMIs, and GfK consumer confidence.
BoJ’s Ueda’s hawkish comments and geopolitical concerns offered support to the Japanese Yen, causing it to fall to two-day lows near 153.90 in the USD/JPY. Jibun Bank’s inflation rate and preliminary manufacturing and services PMIs will be released.
AUD/USD managed to offset the Dollar’s gains and the widespread supply stance in the risk complex, once again reclaiming the 0.6500 hurdle and beyond. Preliminary manufacturing and services PMIs are expected from Judo Bank in Australia.
WTI prices advanced further and surpassed the key $70.00 per barrel mark in response to supply concerns stemming from intense geopolitical tensions in the Russia-Ukraine conflict.
Gold prices rose for the fourth consecutive day and revisited the region of $2,670 per troy ounce. Silver prices sailed in an inconclusive range below the $31.00 per ounce area.
