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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: The market evaluates UK data and awaits policy guidance from Federal Reserve officials." Hope this helps you! The original content is as follows:
In early European trading on Thursday, November 13, the pound continued to face moderate selling pressure as the market assessed disappointing data released by the UK. Investors will be closely watching www.uniff.orgments from central bank policymakers later in the day and will await updates on U.S. data as the government reopens.
The Office for National Statistics reported earlier on Thursday that gross domestic product (GDP) contracted 0.1% month-on-month in September. In the third quarter, UK GDP annual growth rate was 1.3%, lower than market expectations of 1.4%. Other data in the UK showed industrial production and manufacturing production fell 2% and 1.7% respectively in September. GBP/USD came under bearish pressure in the immediate reaction and fell to 1.3100 before rebounding. At press time, the pair was little changed on the day, sitting around 1.3130.
On Wednesday, the House of Representatives approved a temporary funding package and ended the longest government shutdown in U.S. history. Shortly after, U.S. President Donald Trump signed the funding bill. At a briefing on Wednesday, White House press secretary Karoline Leavitt said the Bureau of Labor Statistics may never release employment and inflation data for October. September non-farm payrolls (NFP) data is expected to be released next week, but has not yet been officially confirmed. The U.S. dollar (USD) index edged lower after failing to make a decisive move in either direction on Wednesday, trading below 99.50 in early trading on Thursday.
During the Asian session on Thursday, Australian data showed that the employment change in October was +42.2K, while the market expected 20K. During this period, the unemployment rate fell from 4.5% to 4.3%, while the participation rate held steady at 67%. Finally, Australian consumer inflation expectations for November fell to 4.5% from 4.8%. AUD/USD benefited from the upbeat employment data and was last up 0.5% on the day at 0.6575.
EUR/USD held its ground after modest gains on Wednesday, trading at a fresh two-week high above 1.1600 early Thursday.
BoJ Governor Kazuo Ueda said on Thursday that the Bank of Japan will work hard to create a strong economy in order to increase tax revenues without raising taxes. USD/JPY remains in a consolidation phase above 154.50 in early European trade on Thursday after rising more than 0.4% on Wednesday.
In early European trading on Thursday, gold continued its weekly gains and was trading above $4,200.
EUR: The intraday bias for EUR/USD remains neutral and the outlook remains unchanged. Further losses remain favorable below the 55-day moving average (currently 1.1619). 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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