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Hello everyone, today XM Forex will bring you "[XM Forex Official Website]: The U.S. dollar weakens as it awaits delayed data, the Bank of England eases hopes." Hope this helps you! The original content is as follows:
On November 14, the U.S. dollar index is still expected to close in negative territory this week, as investors are increasingly worried about the backlog of U.S. data that highlights the adverse impact of the government shutdown on the economic outlook. The European Economic Calendar will revise Eurozone third-quarter gross domestic product (GDP) and employment change data. In the second half of the day, investors will pay close attention to www.uniff.orgments from Federal Reserve (Fed) officials.
The dollar came under renewed bearish pressure on Thursday as uncertainty surrounding economic conditions persists despite government reopenings. Market participants are still waiting for official updates on how to handle delayed data releases, especially after White House press secretary Carolyn Leavitt said the U.S. Bureau of Labor Statistics (BLS) may never release employment and inflation data for October. Meanwhile, cautious words from Federal Reserve policymakers about further easing weighed on market sentiment on Thursday, causing major Wall Street indexes to take heavy losses. Earlier on Friday, the U.S. dollar index was steady at just above 99.00, while U.S. stock futures were mixed.
After rising nearly 0.4% on Thursday, the EUR/USD remained relatively calm in early trading on Friday and fluctuated around 1.1650. Eurostat will publish trade balance data for September. Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves have abandoned plans to raise income tax rates, the Financial Times reported late on Thursday, a dramatic shift ahead of the November 26 budget. GBP/USD remains on the back foot in early European trading on Friday, trading in negative territory around 1.3150.
Earlier on Friday, data from China showed that retail sales rose 2.9% year-on-year in October, while industrial production rose 4.9%. AUD/USD remains in a consolidation phase above 0.6500 after a slight decline on Thursday.
USD/JPY snapped a three-day winning streak and closed in negative territory on Thursday. The pair was trading sideways around 154.50 during early European trading on Friday. Japanese Economy Minister Minoru Kiuchi said a weak yen could push up inflation through import costs.
Gold benefited from worsening risk sentiment and extended its gains to a three-week high above $4,200 on Thursday. Gold retreated lower in early trading on Friday but remained above $4,150.
Euro: EUR/USD has www.uniff.orgpleted its correction from the decline of 1.1971, falling to 1.1467 in three waves. The intraday bias is towards the resistance level of 1.1727. A firm breakout would solidify this situation and lead to a stronger rebound towards a retest of the 1.1971 high. However, on the downside, a break above minor support at 1.1561 would revive the near-term bullish outlook with targets at 1.1467 and below.
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