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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market Analysis]: The U.S. dollar consolidates gains before the release of key data, is the U.S. job market once again uneasy?". Hope this helps you! Original content below:
The U.S. dollar (USD) stabilized in early European trading on Wednesday after five consecutive sessions of strength against major rivals. In the second half of the day, market participants will pay close attention to October ADP employment changes and ISM services PMI data.
On Tuesday, the Senate again failed to pass a temporary funding will. In turn, the government shutdown entered its 36th day, becoming the longest day in U.S. history. Wall Street's major stock indexes tumbled, with the U.S. dollar index climbing to its highest level since early August, above 100.20. The U.S. dollar index was trading within a narrow range just above 100 in early trading on Wednesday, while U.S. stock futures were mixed.
China’s Ministry of Finance announced earlier on Wednesday that it will cancel some tariffs on U.S. agricultural products starting from November 10 and will suspend the 24% tariff on U.S. imported goods for one year. Meanwhile, U.S. President Donald Trump noted that he had met with Swiss officials to discuss trade and other issues and announced additional trade talks, a sign of possible progress in the tariff dispute.
EUR/USD fell more than 0.3% on Tuesday and closed near 1.1480 on Tuesday. The pair struggled to gain recovery momentum early on Wednesday and traded sideways below 1.1500.
New Zealand's data showed that the unemployment rate rose slightly to 5.3% in the third quarter from the expected 5.2%. After falling more than 1% on Tuesday, NZD/USD was steady around 0.5650 during European morning trading on Wednesday.
USD/JPY extended its decline after closing in negative territory on Tuesday, briefly falling below 153.00 during the Asian session on Wednesday. The currency pairA rebound ensued, with the last flat trade of the day around 153.50.
GBP/USD came under heavy bearish pressure on Tuesday after Finance Minister Rachel Reeves hinted at higher taxes in her pre-budget speech. After falling nearly 1% and hitting 1.3010, its lowest level since mid-April, the pair found it difficult to gain traction early on Wednesday and remained well below 1.3050.
Gold failed to stabilize above $4,000, gaining a foothold early Wednesday and maintaining strong daily recovery gains around $3,980.
Euro: The intraday bias of EUR/USD is still downward, with 100% predictions of rising from 1.1727 to 1.1350 to 1.1917 to 1.1540. A decisive breakout would accelerate the downside to 1.1252, the 38.2% retracement of 1.0176 to 1.1917. On the bright side, above the 1.1540 minor resistance will turn neutral, bringing consolidation first and then another decline.
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