Forex Today: Trump dampens mood with threats of new tariffs, kiwi rallies, all eyes on Powell

Here is what you need to know on Wednesday, November 13:
- Trade: Prospects for a trade deal seem dimmer after President Donald Trump was bashing China and threatened to slap more tariffs on the world's second-largest economy. Safe-haven currencies advanced while commodity currencies came under pressure. Trump also hinted that other countries may be punished for "mistreating" the US. European carmakers are anticipating a decision on duties, due this week.
- Fed: The focus is now shifting to the Jerome Powell, Chairman of the Federal Reserve. Powell will testify on Capitol Hill and given recent data, he may see the glass as half-full, but signal an ongoing pause. See Powell preview: Praising the economy and rebutting the President
- Inflation: The Fed Chair will have the opportunity to respond to fresh Consumer Price Index figures for October. Core CPI is expected to remain at 2.4% yearly. Any deviation may rock markets. See US CPI Preview: Inflation remains secondary to Fed policy
- NZD/USD has been rallying after the Reserve Bank of New Zealand has left interest rates unchanged, contrasting market expectations. The bank was expected to cut rates again after inflation expectations dropped. Adrian Orr, Governor of the RBNZ, has expressed satisfaction from the impact of the previous stimulus on the economy. 
- UK elections: Fresh opinion polls have been showing contradicting trends. A YouGov poll has shown a widening of the Conservative/Labour gap to 14% while a Survation poll reflected a narrowing to 6%. 
- UK data: The inflation report for October is set to show headline CPI decelerating from 1.7% to 1.6%, the lowest since early 2017. See UK inflation report outlook: GBP/USD may stumble on another CPI slide. The jobs report for September somewhat disappointed with fewer people employed and a slowdown in wage growth. GBP/USD is looking for a direction in the mid 1.28s. 
- EUR/USD continues grinding its way down ever so slowly. Euro-zone industrial output is set to print a drop in September after an increase in August. The German ZEW Economic Sentiment bounced more than expected in November but continues reflecting pessimism. 
- Cryptocurrencies are little-changed.

More Death Cross Forms in EUR/GBP