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USDX (US DOLLAR INDEX)
- What worked well yesterday was lining up EURUSD 1.1550 with USDX testing 100.00 as an overall USD indicator.
- Now it is key USDX resistance at 100.41 vs. EURUSD 1.15, the latter needing a firm break to take out 100.41
- Note, EUR is 57.6% of the dollar index, which is often used as a proxy for trading EURJSD.
USDX DAILY CHART
Finally some US data: Sept NFP (old news but news algos could react) and Weekly Jobless Claims
See consensus forecasts in our Economic Data Calendar
Newsquawk Daily US Opening News
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Forex Market Snapshot
The dollar is trading mixed and consolidating as the market seems torn between a further shift in expectations in favor of no Fed rate cut in December and a cautious risk on mood (i.e. firmer stocks but off highs) following stellar Nvidia earnings eased concerns over an AI bubble.
- EURUSD holding above the pivotal 1.15 level (low 1.1510)
- USDJPY made a run towards 158 and then backed off (high 157.7&)
- GBPUSD found some support within a 1.3010-50 support zone (lpw 1.3038)
Cryptocurrency prices today: Bitcoin takes massive fall before quick recovery, other tokens follow
The price of Bitcoin slipped as low as $88,609 on November 20 (1:45 a.m.) that erased more than 27 percent of its value. It recovered quickly just above $92,484 as of 7:09 a.m.Other major cryptocurrencies followed the pattern, with Ethereum’s price hit by 7.92 percent, XRP by 10.5 percent, Binance Coin at 6.61 percent, and Solana fell around 7.80 percent—and recovered quickly.
Yen could hit 160, but rising chance of intervention, economist warns
A senior Japanese economist has warned that the yen is increasingly at risk of sliding to 160 per dollar, arguing that interest-rate moves by the Bank of Japan may do little to arrest the currency’s depreciation.
Koichi Fujishiro, chief economist at Dai-ichi Life Research Institute, said the yen’s persistent weakness, despite a narrowing Japan–U.S. rate differential over the past year, suggests that even further BOJ tightening would struggle to stop the currency’s decline. That disconnect, he said, strengthens the case for viewing the latest moves as speculative, giving authorities a “convenient rationale” should they decide to intervene.
With expectations shifting against a Fed Dec rate cut, see
How Interest Rates Shape Global Markets: What Every Trader Needs to Know
With expectations shifting against a Fed Dec rate cut, see
How Interest Rates Shape Global Markets: What Every Trader Needs to Know
Newsquawk Daily Asia-Pac Opening News
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NVIDIA EARNINGS PREVIEW
Tech behemoth NVIDIA reports earnings on Wednesday, November 19th at 21:20GMT/16:20EST, with investors eagerly awaiting their metrics given their AI market leading status.
In terms of expectations, Q3 adj. EPS is forecasted at USD 1.24 and Revenue at USD 54.41bln. Looking at the breakdown, Data Centre at USD 48.3bln, Gaming USD 4.41bln, Automotive USD 621mln, Professional Visualisation USD 611mln, OEM and other USD 169.5mln. Ahead, next quarter profit and revenue expected at USD 1.42 and USD 60.82bln, respectively. For the FY, EPS seen at USD 4.50 and revenue USD 206.06bln.
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Newsquawk FX Wrap
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