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breaking news Dollar rally cools as consumer confidence hits 10-year low


Forex News for North American Trading on Nov 12, 2021:

Markets:

  • Gold up to $ 3 to $ 1865
  • US 10-year yields increased 2bps to 1.57%
  • WTI crude oil drops 78 cents to $ 80.81
  • S&P 500 rises 32 points to 4,681
  • AUD leads, EUR lags

The UMich poll has a spotty recent history, but a 10-year low is hard to ignore and opened the door for a relief rally in currencies that were hit by the dollar this week.

The dollar fell around 30 pips against the field after the data, albeit at a different pace on different fronts. The pound was also helped by a better Brexit tone from Irish border negotiators.

The euro was unable to take advantage of the weakening dollar as it approached a week’s lows before ending near 1.1445. That marks a weekly close below the key 1.1500 level.

Cable and AUD / USD erased Thursday’s losses to show a bit more momentum, but both were in big trouble this week.

The improvement in confidence in equities was also a tailwind for risky trading. Futures had been targeting 0.3% but we ended the day up 0.7% on the S&P 500 and higher on the Nasdaq as no drop is too small to buy in this market.

Gold ended a strong week showing some resistance. It fell to $ 1845 in Asia on a retest of the key breakout level, but held before climbing back to $ 1864.


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