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Ekonomické zprávy
19.11.2021

European session review: USD resumes upward movement, as markets bet on early interest rate hike in U.S., worry about resurgence of COVID-19 outbreaks in Europe

TimeCountryEventPeriodPrevious valueForecastActual
07:00GermanyProducer Price Index (YoY)October14.2%16.2%18.4%
07:00GermanyProducer Price Index (MoM)October2.3%1.9%3.8%
07:00United KingdomRetail Sales (YoY) October-0.6%-2%-1.3%
07:00United KingdomRetail Sales (MoM)October0%0.5%0.8%
07:00United KingdomPSNB, blnOctober-20.7-13.8-18.8
08:30EurozoneECB President Lagarde Speaks    
09:00EurozoneCurrent account, unadjusted, bln September20.9 26.9


USD appreciated against other major currencies in the European session on Friday, resuming gains after some breather in the past two days. The major driver of the greenback’s appreciation remained the bets that the Federal Reserve will be forced to hike interest rates faster than expected amid surging inflation.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, jumped 0.45% to 95.98.

The demand for the safe-haven U.S. dollar was also bolstered by the renewed concerns about the economic impacts of coronavirus infections in Europe. Austria announced the reimposition of a national lockdown starting Monday after recording more than 14,000 new coronavirus cases on Thursday. Meanwhile, Germany’s health minister Jens Spahn noted that the COVID-19 situation in the country is more serious than last week and said it couldn’t be ruled out that the EU’s largest economy would follow Austria’s suit.

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