FOREX MARKET NEWS – FX markets’ sessions moved in different ways for many currencies on Friday.
The dollar, which is the leader of the pact, was flat after some dull news ahead of economic data. It is on its way for a 0.2% loss this week, tracking US-China trade war news.
Markets are also following the Chinese threat over Hong Kong, which is still suffering from protests. Chinese President Xi Jinping encouraged Hong Kong Leader Carrie Lam to clamp down on protests.
He called for “forceful actions…to punish those who have committed violent crimes.”
The dollar index that pits the buck against other major currencies, moved little at 98.050 in the fx markets.
The EURUSD and GBPUSD pairs were virtually both steady at $1.1025 and $1.2880 respectively.
Dollar traders are awaiting the US retail sales and industrial production data later in the day. Such reports may help clarify the outlook for the US economy.
FX Markets Move on Economic Reports
While the US awaits economic reports, the Eurozone plus other EU members already digested data. The results were mostly okay in the forex market news.
Eurozone GDP data showed that the region had the same rate of growth as in the second quarter. At the same time, reports also showed inflation slowed down in October.
Energy prices slumped by 3.1%. This figure offset most of the 1.5% increase from alcohol, tobacco, and food products.
The Hungarian forint, meanwhile, strengthened against the dollar in the fx markets. Its GDP has recorded an annual 5.0% growth in the third quarter, speeding up from 4.9% in the second quarter.
Finance Minister Mihaly Vargas said that the country’s third-quarter GDP growth was higher than the 1.4% average for the European Union member countries.
Meanwhile, the Polish zloty told the same story, recoding the strongest quarter-on-quarter growth among EU member countries.
- Trading Instrument