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Hello everyone, today XM Forex will bring you "[XM Group]: Weak employment data hits market sentiment, and the U.S. dollar index falls below the key pivot level." Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - During the U.S. trading session on Tuesday (November 11), the U.S. dollar index fell slightly, continuing the correction since last week's high. Traders reacted to fresh signs of labor market weakness while awaiting a raft of delayed government data. During the intraday session, the U.S. dollar index fell below the short-term pivot level of 99.463, down 0.26% to 99.3604. Price action is starting to move away from the 200-day moving average at 100.209 and the recent major high at 100.360. After the US dollar breaks through the key level, the downward space opens up. From a technical perspective, there is no obvious support for the downward path after falling below 99.463. The near-term downside target is the October 28 major low of 98.565, with the 50-day moving average of 98.450 just below it. Unless the dollar can move back above the pivot level and hold, bears may continue to push towards these support areas. A short-covering rebound is not entirely impossible, but it will most likely require a new catalyst - possibly from a series of official data that will be released after the government fully reopens. Labor market concerns weighed on the U.S. dollar. The U.S. dollar's decline on Tuesday was partly due to ADP's latest weekly estimates. The data shows that in the week ended October 25, U.S. private employers laid off an average of 11,250 employees per week. This was in sharp contrast to last week's regular ADP report, which showed 42,000 new jobs were added during the month. Alternative data sources such as ADP have gained weight in shaping market expectations as the government shutdown has delayed the release of the official jobs report. Shutdown nears end, massive data to be released The U.S. Senate passed a deal to end the historic government shutdown on Monday, with the House expected to vote as early as Wednesday. That would pave the way for a backlog of delayed economic reports that could confirm speculation of a cooling economy ——Especially if incoming data reflect a weakening labor market or slowing consumer demand. The euro and yen rebounded as market sentiment weakened. The euro rose 0.38% to $1.16, rising back above the downward trend line for the first time since September. Meanwhile, the Japanese yen strengthened slightly to 153.89 yen per dollar. The European Central Bank's policy expectations are supportive of the euro, and the market expects its interest rates to remain stable until 2027, while the Federal Reserve is believed to cut interest rates in the near future. Federal Funds
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