Wednesday , 13 November 2024
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ForexLive European FX news wrap: Dollar gains as Trump trades continue

Headlines:

Markets:

  • AUD leads, JPY lags on the day
  • European equities higher; S&P 500 futures up 0.4%
  • Gold down 0.8% to $2,661.46
  • WTI crude down 1.8% to $69.09
  • Bitcoin up 2.5% to $82,415

It may be a partial market holiday in the US but the dollar is looking to keep its post-election momentum into the new week.

The greenback is sitting mostly higher across the board, stretching gains against the likes of the yen, euro, pound, and franc.

USD/JPY was already up since Asia trading with Japan headlines keeping things interesting. Incumbent prime minister Ishiba won his re-election bid but the yen is weighed lower as the dollar pushed up in trading today. The pair held around 153.50 in Asia before pushing further to 153.80 levels now.

Meanwhile, EUR/USD gradually crept lower from 1.0710 to 1.0655 and is keeping at the lows for the day now. GBP/USD also sagged as it fell from 1.2915 to 1.2880 on the day.

The commodity currencies were the only ones to hold their ground somewhat. USD/CAD is only up 0.2% to 1.3935 despite softer oil prices as well. Equities keeping up gains might be helping with the aussie and kiwi, who are keeping flat against the dollar.

European indices and US futures pushed higher again, carrying on the momentum from last week particularly the latter. The S&P 500 index will be looking to clear past the 6,000 hurdle in trading later.

In the commodities space, gold is down with a deeper pullback potentially taking shape as price is down nearly 1% to near $2,660 currently.

Well, the post-election trade continues to play out as we get the new week underway. In the days ahead, US data will come back into focus as we will have CPI, PPI, and retail sales to deal with.

This article was written by Justin Low at www.forexlive.com.

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