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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: The US dollar has gained support, and the Federal Reserve's interest rate cut finally hindered it was swept!". Hope it will be helpful to you! The original content is as follows:
The US dollar (USD) stabilized after falling Thursday as market focus turned to preliminary data on September Consumer Confidence Index from the University of Michigan (UoM). Market participants will also closely monitor stofoco.comments from European Central Bank officials as the silent period after Thursday's policy announcement has ended.
As widely expected, the ECB kept key interest rates unchanged after its September meeting. Speaking at the post-conference press conference, ECB President Christina Lagarde did not provide any new hints about the interest rate outlook, reiterating that the interest rate outlook is not on the scheduled path. After the euro/dollar fell to 1.1660, it reversed in the second half of Thursday and closed in the positive area above 1.1700. Earlier on Friday, the pair was still in a consolidation phase below 1.1750.
The U.S. Bureau of Labor Statistics (BLS) reported Thursday that the U.S. annual inflation rate in August, measured by changes in the consumer price index (CPI), rose to 2.9% from 2.7% in July. By month, the core CPI, excluding volatile food and energy prices, rose 0.3%. Both readings meet analyst estimates. Worryingly, the Labor Department weekly publication shows that the number of first-time unemployment benefits applied for the week ended September 6 climbed to 263,000, stofoco.compared with the market forecast of 235,000, stofoco.compared with 236,000 the previous week. After these data were released, the dollar faced bearish pressure, with the dollar index falling by about 0.3% on average on a daily basis. Earlier on Friday, the index rose slightly above 97.50, while U.S. stock futures fell about 0.1%.
The US dollar/JPY fell slightly on Thursday after failing to stabilize above 148.00. The pair was still in a consolidation phase during Friday’s European session, at about 147.50. The Japanese Ministry of Trade announced on Friday that the country would impose additional export restrictions on multiple foreign entities as part of sanctions against Russia's invasion of Ukraine.
For stofoco.commodities, gold rose 0.5% to $3,654, close to the record high of $3,673.95 set earlier this week.
Oil prices are under pressure as the International Energy Agency predicts that the global oil surplus will hit a record high next year, while OPEC continues to increase production. Brent crude oil fell 0.6% to $65.91 a barrel; U.S. crude oil fell 0.8% to $61.88 a barrel.
Euro: The intraday bias of the euro/dollar remains neutral, and range trading continues to fall below 1.1779. Further rise is expected, with support at 1.1607 intact. Breakthroughs of 1.1779 will retest the 1.1829 high. A firm breakthrough to this point will resume a larger upward trend until the 1.1916 forecast level.
GBP: The GBP/USD is intraday biased to remain neutral, and more consolidation may occur below the temporary top of 1.3590. It is expected to rise further with the 1.3332 support level intact. A firm breakthrough of 1.3594 will resume the rebound starting from 1.3140 and aim to retest the 1.3787 high.
Yen: The outlook for the US dollar/yen remains unchanged, and intraday bias remains neutral. As long as the resistance level of 149.12 is held, the risk will remain upward. A firm breakthrough of 146.20 will aim at the 100% forecast, rising from 146.90 at 149.12 to 146.20. In addition, trades that continue to fall below the 55-day moving average (currently at 147.16) will indicate that the entire rebound from 139.87 has been stofoco.completed, with three waves up to 150.90.
The above content is all about "[XM Foreign Exchange Market Analysis]: The US dollar has received support, and the Federal Reserve's interest rate cut finally hinders being swept!" is carefully stofoco.compiled and edited by the editor of XM Foreign Exchange. I hope it will be helpful to your trading! Thanks for the support!
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