FOREX MARKET TODAY | FRIDAY, NOVEMBER 13, 2026

US PPI in Focus as Gold Falls Below $3,900, Dollar Rallies and Nvidia Shock Hits Wall Street

By Phyllis Wangui | Senior Market Analyst, TraderFactor

Global markets enter Friday with the US Dollar trading near a 19-month high as investors prepare for the October Producer Price Index (PPI). Stronger-than-expected consumer inflation and hawkish Federal Reserve commentary have raised expectations of further interest-rate increases. Meanwhile, Gold has fallen below $3,900 per ounce, while USD/JPY remains close to the psychologically important 160 level.

Wall Street ended Thursday lower after Nvidia CEO Jensen Huang’s departure unsettled the technology sector. Oil prices also climbed as hopes of a diplomatic breakthrough between the United States and Iran weakened. Investors now await today’s inflation figures to determine whether the Dollar’s rally and Gold’s decline will continue.

❓ Question of the Day

Will today’s US PPI report push the Dollar higher and Gold further below $3,900, or could softer inflation give financial markets room to recover?

A stronger PPI reading could reinforce Federal Reserve tightening expectations. Softer figures may ease pressure on Gold, major currencies and US equities.

📌 Key Market Highlights

• US PPI:
  October producer inflation data is due today at 8:30 a.m. Eastern Time. Markets will assess its implications for December’s Fed decision.
• US Dollar:
  The greenback remains near a 19-month high as Treasury yields rise and Fed rate-hike expectations strengthen.
• Gold:
  XAU/USD trades near $3,880 after Thursday’s sharp decline, with higher yields weighing on precious metals.
• Wall Street:
  The S&P 500, Dow Jones and Nasdaq Composite each lost approximately 0.4% on Thursday amid Nvidia-related uncertainty.
• Oil:
  WTI trades around $88.50 as Middle East tensions and the outlook for Iranian oil supplies remain in focus.
• UK Economy:
  Third-quarter GDP expanded 0.7%, supported by stronger services activity. GBP/USD remains sensitive to Dollar strength.
• US Employment:
  Initial jobless claims increased to 200,000 but remained historically low, suggesting continued labour-market resilience.

🎯 Today’s Main Market Focus

The US PPI report is today’s main market catalyst. After Tuesday’s stronger CPI figures, investors are looking for evidence of whether inflation pressures are spreading through the economy.

Key assets to watch: DXY, XAU/USD, EUR/USD, GBP/USD, USD/JPY and NAS100. The immediate outlook favours the Dollar, but unexpected inflation data could trigger sharp reversals.

📊 Thursday’s Market Recap: Wall Street Retreats as Yields Rise

US stocks ended Thursday lower after a volatile session dominated by Nvidia’s leadership shake-up and rising Treasury yields. Nvidia shares fell after CEO Jensen Huang stepped down, although the wider technology sector recovered some of its earlier losses.

Other Important Market Developments

• US Treasury Yields: The 10-year yield climbed above 5.1%, reinforcing pressure on Gold and growth stocks.
• US Housing: Existing-home sales fell 5.5% to an annualised 3.75 million, their weakest level in more than 16 years.
• Jobless Claims: Initial claims increased to 200,000 but remained consistent with a relatively resilient labour market.
• UK GDP: The economy expanded 0.7% in Q3, supported mainly by services growth.
• Crude Oil: Brent climbed above $95 as fading hopes of a US–Iran agreement raised supply concerns.

🏦 Federal Reserve Outlook: Will December Bring Another Rate Hike?

The Federal Reserve held interest rates at 3.75%–4.00% during its October meeting. However, stronger CPI figures and rising inflation concerns have increased expectations of further tightening in December. Investors are now assessing whether policymakers will favour a standard 25-basis-point increase or consider a larger adjustment.

Today’s PPI release could influence those expectations:

• Hotter PPI: Could support the Dollar and Treasury yields while increasing pressure on Gold and equities.
• Softer PPI: Could reduce expectations of aggressive tightening and support a recovery in Gold and risk-sensitive assets.
• Fed Commentary: Investors will also watch remarks from Michelle Bowman and Philip Jefferson.

📅 Today’s Economic Calendar: Friday, November 13

The October US PPI report is the main event. Economists expect headline producer prices to rise approximately 0.4% month-on-month, down from September’s 1.3% increase. Core PPI is forecast to rise around 0.3%.

Times are US Eastern Standard Time. PPI figures shown are forecasts, not actual results.

🎯 Market Focus Before the PPI Release

The Dollar and Treasury yields remain strong, while Gold and technology stocks face pressure. Today’s PPI report could determine whether the inflation-driven trend continues or whether markets experience a recovery before the weekend.

📊 Forex, Gold, Bitcoin, Oil and Stock Market Analysis

The US Dollar remains firm ahead of today’s PPI release. Gold and Bitcoin face selling pressure, while Wall Street remains sensitive to Treasury yields and technology-sector developments.

💵 US Dollar and Major Forex Pairs

• DXY: Bullish near 103.18. A sustained break above 103.25 could extend Dollar strength.
• EUR/USD: Bearish around 1.1053. Watch 1.1031 support and 1.1088 resistance.
• GBP/USD: Sterling remains weak near 1.3228 as Dollar strength outweighs UK growth data.
• AUD/USD: Near 0.6806. A recovery above 0.6841 would improve the outlook.
• NZD/USD: Trading around 0.5544, with further downside risk below 0.5531.
• USD/CAD: Holding near 1.4255. Oil strength could limit further gains.
• USD/JPY: Near 159.82. The 160.00 region remains important amid intervention concerns.
• USD/CHF: Firm around 0.8352, with upside resistance near 0.8371.

🥇 Gold (XAU/USD)

Gold remains bearish near $3,884 following its decline below $3,900. The $3,870 region is an immediate support area, followed by $3,822. A recovery above $3,911 could ease short-term selling pressure, while $3,970 remains an important resistance level.

₿ Bitcoin (BTC/USD)

Bitcoin trades around $71,100 after extending its recent decline. Support lies near $70,250 and $69,014, while a recovery above $72,364 would be an early sign of improving momentum. The outlook remains cautious before US inflation data.

🛢️ WTI Crude Oil

WTI remains supported near $88.54 as Middle East supply concerns persist. Resistance around $88.80–$88.98 could determine whether the recovery extends, while a decline below $87.90 would weaken immediate momentum.

📉 NAS100, US30 and S&P 500

• NAS100: Closed Thursday near 28,289. Technology-sector uncertainty continues to influence sentiment.
• US30: Closed near 52,297. Watch 52,131 support and 52,805 resistance.
• S&P 500: Closed near 7,592. Holding the 7,554 region would support recovery attempts.

📈 Support and Resistance Levels

Friday, November 13, 2026. Levels represent potential technical reaction areas, not guaranteed price targets.

🎯 Friday’s Technical Market Outlook

The Dollar remains the strongest major currency theme, while Gold and Bitcoin face downside pressure. Oil is recovering, but US stock indices remain vulnerable to rising yields and technology-sector uncertainty. Today’s PPI release could trigger sharp movements across all these markets.

🌍 Geopolitical Developments: Iran, Oil and US–China Relations

Middle East tensions continue to influence crude oil prices and inflation expectations. Although the United States has indicated that it will maintain its blockade of Iran rather than immediately escalate military operations, attacks on shipping remain a major supply risk.

• Iran and the Strait of Hormuz:
  Continued shipping disruptions and regional attacks could quickly increase the geopolitical premium in crude oil.
• Crude Oil:
  WTI trades near $88.52, while Brent is around $95.41. Both benchmarks are heading toward another weekly decline despite recent volatility.
• US–China Relations:
  Attention is turning toward the November 18–19 APEC summit in Shenzhen, where possible high-level talks could influence trade sentiment and technology stocks.

🤖 Nvidia Leadership Change Adds Pressure to Technology Stocks

Nvidia has confirmed that Jensen Huang has resigned as chief executive, with Chief Financial Officer Colette Kress taking over on an interim basis. The leadership change has increased uncertainty around one of the most influential companies in the artificial intelligence sector.

• Nvidia’s leadership transition remains a concern for investors.
• The company’s earnings are scheduled for November 17.
• NAS100 and other technology stocks may remain sensitive to developments surrounding Nvidia.

🔗 Important Market Relationships

• US Dollar and Gold:
  Higher Treasury yields generally support the Dollar and pressure Gold. Softer inflation could reverse this relationship.
• Oil and Inflation:
  Rising energy costs could reinforce inflation concerns and strengthen expectations of further Federal Reserve tightening.
• Fed Policy and Wall Street:
  Higher borrowing costs can weigh on technology valuations, particularly when corporate uncertainty is already elevated.
• USD/JPY and Japanese Intervention:
  The pair’s proximity to 160 increases sensitivity to Japanese government comments and sudden changes in US yields.

🎯 Final Market Outlook: US PPI Could Decide Friday’s Direction

The US Dollar enters Friday with a bullish bias, while Gold remains under pressure below $3,900. Bitcoin is also struggling, and Wall Street faces uncertainty following Nvidia’s leadership change. Today’s PPI report could determine whether these trends continue into the weekend.

Key scenarios to watch:

• Hotter PPI:
  Could strengthen the Dollar and place further pressure on Gold and equities.
• Softer PPI:
  Could weaken the Dollar and encourage a recovery in Gold and risk-sensitive assets.
• Geopolitical Escalation:
  Could increase oil volatility and complicate inflation expectations.

Bottom Line:
Inflation remains the dominant market driver. Traders should watch the Dollar, Gold, Treasury yields and US stock indices closely, particularly around the PPI release, before markets close for the weekend.

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✍️ About the Author

Reviewed by Alex Kanyi

Head of Compliance | TraderFactor

This report is provided for general information and educational purposes. Trading involves significant risk, and readers should seek independent advice before making financial decisions.

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📅 Last Updated: November 13, 2026

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