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Hello everyone, today XM Forex will bring you "[XM Forex Market www.xmxmxm.cnmentary]: The Fed's interest rate cut bets, the market calms down during the Thanksgiving holiday". Hope this helps you! The original content is as follows:
On November 27, trading trends in the financial market calmed down on Thursday, with trading volumes falling during the US Thanksgiving holiday. The European economic calendar will release business and consumer confidence data, and the European Central Bank (ECB) will release the financial report of its October policy meeting.
Upbeat macroeconomic data released by the United States helped the U.S. dollar (USD) stabilize the market in early trading on Wednesday, but the risk-positive market atmosphere made it difficult for the currency to accumulate strength.
The U.S. Department of Labor reported that there were 216,000 first-time claims for benefits in the week ended November 22, a decrease of 6,000 from the previous week's revised level. Other U.S. data showed durable goods orders rose 0.5% in September, beating market expectations of 0.3%. Meanwhile, Wall Street's major indexes continued to rise after opening Wednesday, building on weekly gains, reflecting a positive mood in market risk. Earlier Thursday, the U.S. dollar index was trading sideways just above 99.50, down more than 0.5% on the week.
When announcing the autumn budget, British Finance Minister Rachel Reeves announced on Wednesday that they would increase tax rates on savings, dividends and property income by 2%. She also noted that they would extend the income tax threshold freeze for three years from 2028, but that alcohol duties would increase in line with inflation. GBP/USD rose about 0.6% on Wednesday and was close to 1.3270 in Asian trading on Thursday, hitting its highest level in about a month before entering a consolidation phase below 1.3250.
After two consecutive days of strong gains, EUR/USD tested 1.1610 in Asian trading on Thursday. As the European trading day begins on Thursday, currency pairsThe pair is calm and fluctuating within a narrow channel below 1.1600.
Following Tuesday's losses, USD/JPY posted slight gains midweek, benefiting from improved risk sentiment. The pair was on the back foot early Thursday morning, heading towards 156.00.
Gold recovered slightly from the intraday low, but entering the European trading session, the price stabilized above $4,150 due to a variety of negative factors. Growing expectations for a rate cut by the Federal Reserve in December will help gold maintain a bullish stance in the short term.
Euro: The outlook for EUR/USD remains unchanged, and sideways trading continues. The intraday bias remains neutral. Further declines are expected, with resistance at 1.1655 remaining. On the downside, a break below 1.1490 and 1.1467 will 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.
Intraday bias is back on the mend. A sustained break above the 55DEMA (now 1.3268) should confirm and target a retest at the 1.3725/3787 resistance zone. For now, as long as the 1.3008 support level holds, risks will remain on the upside to prevent a pullback.
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