Forexlive Americas FX news wrap: Stocks reverse gains and close at session lows

Author: Greg Michalowski | Category: News

Forex news for North American trading on November 18, 2020.

A quick look around the markets shows:

  • Spot gold is trading down -$9.96 or -0.53% at $1870.49
  • Spot silver is trading down $-0.20 or -0.83% at $24.28
  • WTI crude oil futures are trading up $0.21 or 0.51% at $41.64
In the forex market, the NZD is the strongest of the majors. The EUR is the weakest. The USD is mostly lower with declines against all the majors with the exception of the a small gain vs the EUR.  

Forex news for North American trading on November 18, 2020.
Overall, for the day, the major currencies were relatively scrunched together on the day.  There was little on the economic calendar with housing starts and building permits the only release (they showed higher than expected housing starts but lower than expected building permits). There was some Fed speak with Fed's Williams warning about the potential for slower growth with the ebbing of fiscal support. Fed's Bullard speaking more positively. Barkin warning about slow employment rebound.  

The largest reaction - especially for stock - came after NYC's Mayor de Blasio ordered all New York City schools closed starting tomorrow.  After making the announcement, the US stocks started to lose ground with each of the major indices closing at - or near - session lows. 

The US stock market.The comments from the Fed officials, the news from Covid - whether on vaccines, cases, closures, etc.- or even Fed officials who talk positively and negatively at the same time, highlight the good and bad that the markets will likely face at it maneuvers through the minefield of uncertainty.  Add Brexit (likely there will be a solution, but the route is still unknown) and the transition of leadership in the US (likely - I hope - it is smooth, but who knows) and there exists the potential for days like today where markets trade up and markets trade down (or trade more sideways without a trend).  

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