16.11. Yuan at five-month high, oil recovers, dollar falls

News for today, November 16:

The yuan hit a five-month high in Asia on Tuesday as traders reacted positively to the dialogue between U.S. President Joe Biden and Chinese leader Xi Jinping. The dollar traded around a 16-month high against the euro ahead of U.S. retail sales data, which could affect the outlook for interest rates. Oil bounced back from a weak start on Tuesday as concerns over a shortage of reserves supported prices. However, optimism was limited by worries about a change in demand following an increase in COVID-19 cases in Europe.

The U.S. dollar fell slightly in response to improved sentiment after the meeting of the heads of government of the U.S. and China. The dollar lost ground against the euro, which bounced nearly 0.2% from a 16-month low and last held at $ 1.1381. The euro has little support until around $1.12, and on Monday it fell amid concerns over COVID-19 outbreaks across the continent.

The price of Brent crude is $ 82.87 per barrel, WTI — $ 81.57. EUR/USD is at 1.1372, GBP/USD — 1.3448, gold is at $ 1,865.47 per ounce.­­­­