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Hello everyone, today XM Forex will bring you "[XM Forex]: The US dollar stabilizes ahead of mid-market data". Hope this helps you! The original content is as follows:
On November 25, during the European market on Tuesday, the trading trend in the foreign exchange market remained volatile, and the market focus turned to the upcoming US macroeconomic data, including September retail sales and producer price index, November consumer confidence index, and weekly private sector employment report.
The U.S. dollar (USD) held steady against rivals during the European morning. After closing almost flat on Monday, the U.S. Dollar Index continues to trade sideways above 100.00. While positive market risks and growing expectations for a December interest rate cut from the Federal Reserve have kept the dollar from rallying, investors are avoiding betting on continued losses, waiting for the data backlog to clear. Meanwhile, U.S. stock futures fell about 0.1% in European morning trading, with Wall Street's major indexes led by a 2.6% gain in the Nasdaq www.xmxmxm.cnposite following a strong performance on Monday.
The New Zealand dollar remains under mild bearish pressure against the US dollar, with the trading range hovering around 0.5600. In early Asian trading on Wednesday, the Reserve Bank of New Zealand (RBNZ) will announce its monetary policy decision. The market expects the Reserve Bank of New Zealand to cut interest rates by 25 basis points to 2.25%.
EUR/USD struggled to find direction and continued to trade sideways above 1.1500 after remaining flat on the first day of the week. The European Central Bank (ECB) will release the EU Financial Stability Report on Wednesday.
GBP/USD stayed within a narrow channel around 1.3100 for the second day in a row on Tuesday. Investors are eagerly awaiting Wednesday's autumn budget report.
The U.S. dollar rose slightly against the yen on Monday, but failed to build bullish momentum. The pair remained below 157.00 early Tuesday, maintaining low territory.
Gold has fallen slightly from the one-and-a-half-week high hit on Tuesday, and is currently hovering below 4140
Euro: EUR/USD is biased towards 1.1467 during the session, still slightly downward. A strong breakout there would resume the overall decline from the 1.1917 high. The next target is 1.1390, followed by the 38.2% retracement from 1.0176 to 1.1917, 1.1252. On the upside, minor resistance above 1.1551 will turn towards neutral intraday. But as long as the 1.1655 resistance level remains, the risk will continue to decline to prevent a rebound.
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