ForexLive European FX news wrap: Dollar runs with post-CPI gains

Forex news from the European trading session - 11 November 2021

Headlines:

Markets:

• GBP leads, CAD lags on the day
• European equities mostly higher; S&P 500 futures up 0.3%
• Gold up 0.4% to $1,857.60
• WTI down 0.8% to $80.67
• Bitcoin up 0.8% to $64,797

The dollar continued its advance after the hot US CPI data yesterday, pushing to fresh highs for the year against the euro and pound during the session.

While gains were trimmed in the final few hours, the greenback is still sitting mostly higher on the day - especially against commodity currencies.

EUR/USD fell from 1.1480 to 1.1455 before keeping around 1.1460 levels now while GBP/USD fell from 1.3410 to 1.3365 before recovering to hold just above 1.3400.

Meanwhile, USD/JPY kept largely steadier around 113.90-00 levels as the absence of trading in Treasuries is not really helping with sentiment on the day.

Elsewhere, USD/CAD pushed up to fresh five-week highs from 1.2520 to 1.2570 and the aussie is keeping weaker after a softer jobs report earlier with AUD/USD down 0.3% to 0.7305 but off earlier lows of 0.7288 seen at the start of the session.

In the commodities space, gold is keeping an advance after the technical breakout yesterday as it holds close to $1,860 but off earlier highs of $1,865.

A reminder that it is a US holiday today but the stock market will be open so that may help a little with liquidity conditions but it will still be much thinner than usual.

November 12, 2021 at 12:54AM
Justin Low
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