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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: Gold is offset by interest rate cut bets, and the dollar's rise remains at a three-week high." Hope this helps you! Original content below:
The pound came under bearish pressure in early European trading on Tuesday as markets assessed UK labor market data. In the second half of the day, the U.S. economic calendar will release November NFIC business optimism index and weekly ADP employment change data.
The Office for National Statistics reported that the ILO unemployment rate climbed from 4.8% to 5% in the three months to September. This figure was lower than market expectations of 4.9%. Other details from the publication show that employment change over the period was -21K, while annual wage inflation, measured as average earnings including bonuses, was 4.8%, below 5%. After closing in the green for the fourth consecutive day on Monday, GBP/USD turned negative after the data was released, last falling 035% on the day to 1.3130.
Wall Street's main indexes rose on Monday as investors cheered the imminent reopening of the U.S. government. U.S. stock index futures were mixed in early trading on Tuesday, while the U.S. dollar index was still slightly higher near 99.70 after closing essentially flat on Monday. The Senate-approved funding bill will go to the House for final approval on Wednesday.
EUR/USD struggled to find direction and continued to trade sideways near 1.1550 early on Tuesday. Business sentiment data from Germany and the Eurozone will be closely watched by market participants. Additionally, several European Central Bank (ECB) policymakers, including ECB President Christine Lagarde, are scheduled to speak later in the day.
The Reserve Bank of New Zealand's (RBNZ) latest monetary conditions survey on Tuesday showed that New Zealand's 12-month time frame inflation expectations rose to 2.39% in the fourth quarter from 2.37% in the third quarter.It was flat at 2.28% on the two-year time frame. NZD/USD was slightly lower in early European trading on Tuesday, trading below 0.5650.
Japanese Economy Minister Minoru Kinuchi said on Tuesday that he was aware of the pressure on private consumption caused by high inflation, adding that a weak yen pushed up prices by increasing import costs. USD/JPY remains in a consolidation phase after rising nearly 0.5% on Monday, trading above 154.00.
Gold maintained a slight rise during the first half of the European session and is currently trading slightly below the nearly three-week high hit on Tuesday.
EUR: The intraday bias for EUR/USD remains neutral and the outlook remains unchanged. As long as the 55-day EMA (currently at 1.1623) remains unchanged, further losses will remain favorable. Below 1.1467 will resume the decline from the 1.1917 to 1.1390 support. However, continued trading above the 55-day EMA would see the decline from 1.1971 as merely a correction www.uniff.orgplete with further gains towards the 1.1727 resistance.
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