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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: Weak employment data drags DXY down below the 200-day moving average". Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - During the US trading session on Tuesday (November 25), the US dollar exchange rate continued to weaken, falling below the 200-day moving average key technical level of 99.816, and sellers firmly controlled the market rhythm. This trend shows obvious bearish characteristics, and there is no sign that investors are eager to buy the bottom to protect the market. On the downside, the next support level is the 50% retracement level of 99.693, and the support below this level is weak. If sellers continue to exert pressure, the swing low of 98.991 and the 50-day moving average near 98.878 will become key subsequent supports. If the U.S. dollar index can regain its 200-day moving average, it may mean that the current decline is more due to the liquidation of long positions rather than the large entry of new shorts; but even so, it will need to break through 100.395 to attract aggressive buying to return to the market. The cooling of the job market triggered a rise in government bonds. The yield on the 10-year U.S. Treasury bond fell below 4.01%, down several basis points; the yield on the long-term Treasury bond fell 3 basis points to 4.647%, and the yield on the 2-year Treasury bond was almost unchanged. The signal from the yield curve is that traders are betting on a "soft landing" for the economy - at least in pricing. ADP private sector employment data shows that www.xmxmxm.cnpanies laid off an average of 13,500 people per week in the past month, a significant increase from the previous figure of 2,500. Consumer confidence has also been hit: the Consumer Confidence Index released by The Conference Board in November recorded 88.7, the lowest level since April, and far lower than the market consensus expectation of 93.2. Inflationary pressures continue to ease. Although September's producer price index (PPI) data is outdated, it is still of reference significance. Core PPI rose 0.1% month-on-month, lower than the expectation of 0.2%, which is dovishThe camp provides more policy basis. As BellwetherWealth's Clark Bellin said, the data shows that inflation is under control and the job market has cooled significantly, which provides reasonable support for another interest rate cut in December. The positions of Federal Reserve officials are divided, and the market tends to be dovish (USD Index daily chart source: Yihuitong) Federal Funds Rate
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