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Hello everyone, today XM Forex will bring you "[XM Forex Official Website]: The market is waiting for the Federal Reserve's stance and the US House of Representatives to vote on the financing bill." Hope this helps you! Original content below:
November 12 The U.S. dollar (USD) stabilized early on Wednesday after struggling to find demand on Tuesday. In the absence of high-impact data releases, investors will be closely watching www.uniff.orgments from Federal Reserve officials and a House vote on a funding bill to formally end the government shutdown.
Weekly data released by Automatic Data Processing (ADP) on Tuesday showed that private employers cut an average of 11,250 jobs per week in the four weeks to October 25. The disappointing data weighed on the U.S. dollar during the U.S. trading session, with the U.S. dollar index ending the day in negative territory. In early European trading on Wednesday, the U.S. dollar index was stable around 99.50. Meanwhile, U.S. stock index futures were last up between 0.2% and 0.5%, reflecting relatively optimistic market sentiment.
EUR/USD benefited from the general weakness of the US dollar on Tuesday and briefly climbed above 1.1600. The pair remained in a consolidation phase early Wednesday and was trading in a narrow channel just below that level.
After disappointing labor market data during the European session on Tuesday, GBP/USD fell to 1.3100 before rebounding and erasing some of the daily losses. The pair struggled to gain traction on Wednesday, trading around 1.3150.
Japanese Prime Minister Sanae Takaichi said on Wednesday they could not say Japan had escaped deflation, adding that she hoped the Bank of Japan (BoJ) would adopt policies that would see Japan achieve its price targets sustainably. USD/JPY continues to move higher after modest gains on Monday and Tuesday, trading at its highest level since February, above 154.50.
AustraliaReserve Bank (RBA) deputy governor Andrew Hauser said on Wednesday their suspicion was that monetary policy would remain restrictive. "If it turns out that we are moving away from mild restrictions, that will have important implications for future policy," Hauser added. AUD/USD held its ground on Wednesday, inching higher to 0.6550. During the Asian session on Thursday, the Australian Bureau of Statistics will release labor market data for October.
Gold rebounded slightly from below $4,100 during the session, and rebounded to close to a three-week high in the first half of Wednesday's European session.
EUR: The intraday bias of EUR/USD currently remains neutral. Further losses remain modestly favorable below the 55-day EMA (currently 1.1620). A break above the 1.1467 support will resume the decline from the 1.1917 support to the 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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