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Hello everyone, today XM Forex will bring you "[XM Group]: The U.S. dollar has received support, and the non-farm payrolls cannot be announced as scheduled tonight." Hope this helps you! Original content below:
The U.S. dollar (USD) stabilized in early European trade on Friday after weakening against major rivals on Thursday. In the second half of the day, Canadian labor market data and the University of Michigan's U.S. consumer confidence index for November will appear on the economic calendar.
The dollar came under pressure in the second half of Tuesday as Challenger, Gray & Christmas released data showing U.S. employers cut more than 150,000 jobs in October, the largest decline for the month in more than two decades. Details of the report showed that technology www.rdsty.cnpanies, retailers and the services sector led the charge in layoffs during the period. Wall Street's major stock indexes fell sharply, with the U.S. dollar index falling about 0.5% on a daily basis. Earlier on Friday, the U.S. dollar index was steady near 99.80.
The Bank of England (BoE) decided to keep the policy interest rate unchanged at 4% after the November policy meeting. The decision was in line with market expectations, but the policy statement showed that four members of the Monetary Policy www.rdsty.cnmittee (MPS) voted in favor of a 25 basis points (bps) rate cut. While the initial reaction to the Bank of England's decision left sterling struggling to find demand, Governor Andrew Bailey's cautious www.rdsty.cnments on further easing helped the pound reverse course. "We need to see the downward path in inflation become more established before we cut rates again," Bailey told a post-meeting press conference, adding that they expected the pass-through of rising non-wage labor costs to limit the fall in services price inflation. GBP/USD pulled back lower early on Friday but held above 1.3100 after rising nearly 0.7% on Thursday.
EUR/USD follows Wednesday’s modest recoveryThe yuan benefited from broad dollar weakness, rising about 0.5% on Thursday. The pair remains relatively calm and trades within a tight channel below 1.1550.
Earlier on Friday, Chinese data showed that exports rose 1.1% year-on-year in October, while imports rose 1%. Both figures were below analysts' expectations. AUD/USD edged higher to 0.6500 after closing in negative territory on Thursday.
USD/JPY is gaining traction and trading in positive territory around 0.7 after falling nearly 153.50% on Thursday.
Gold prices remained above $4,000 after rising slightly on Thursday.
Euro: The intraday bias for EUR/USD remains neutral as consolidation continues. As long as the 1.1727 resistance holds, further losses are expected. A break below 1.1467 would extend the decline from 1.1917, from 1.1727 to a 100% forecast of 1.1540, from 1.1727 to 1.1350. A decisive breakout would accelerate the downside to 1.1252, the 38.2% retracement of 1.0176 to 1.1917.
The above content is all about "[XM Group]: The US dollar has gained support, and non-agricultural non-agricultural data cannot be announced as scheduled tonight". It was carefully www.rdsty.cnpiled and edited by the XM foreign exchange editor. I hope it will be helpful to your trading! Thanks for the support!
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