iFOREX Daily Analysis : November 14,2017

 | Nov 14, 2017 05:52AM ET

The US Dollar traded almost unchanged with small upside against a basket of global currencies on Monday with the US Dollar Index (USDX) closing 0.12% higher. The Russian Ruble was 0.63% down against the US Dollar as the GDP increased only by 1.8% according to recent data, while the Economy Ministry expected a growth of 2.2%. The Turkish lira gained ca. 0.5% against the Dollar as the Turkish Central Bank announced measures to help domestic companies to cope with the weakening currency in global trade.

Gold was up on Monday due to continued uncertainty surrounding the business tax proposal and the situation in Saudi-Arabia. Oil was slightly down after the EIA predicted a rise in US shale oil production in the coming month, while tensions in the Middle East stopped the price from falling significantly.

US equity indices traded slightly lower on Monday with biotech companies being the worst performer of the day, while Banks were by far outperforming other sectors.

Cryptocurrencies seemed to be mostly recovering from a weekend of high volatility as the Bitcoin stabilized around the range of $6,400 to $6,600 on Monday afternoon. The calling off of Segwit2X fork, which was initially planned for this week added contributed to the volatility. While the creation of another fork after Bitcoin Cash and Bitcoin Gold with not fully clear perspective was averted, the lack of adaptation raises fears that due to the limited blockchain size and rising transaction costs Bitcoin could become less relevant as a payment solution.

On Tuesday in the Asian Trading session Australia is publishing Retail Trade data, while China follows with Industrial Production and Retail Sales data. In Europe Germany, Italy and the United Kingdom will publish inflation data. Germany and the European Union are also set to publish GDP data. In the US the Redbook Store Sales data will show current consumer driven market sentiment.

EUR/USD

The EUR/USD remained mostly in the same range as on Friday as there was little in terms of news and fundamental data in the US and the Euro zone. The EUR/USD sharply decreased after policy statements from the European Central Bank in the last week of October so markets will be curious to hear what central banks chiefs from the ECB, Federal Reserve, Bank of England and Bank of Japan will say at the panel discussion in Frankfurt on Tuesday.

Further on Tuesday we will see inflation, GDP and ZEW business survey from Germany, as well as GDP data from Italy and Industrial Production figures from the European Union.