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Hello everyone, today XM Forex will bring you "[XM Group]: The US dollar is under pressure, and the Federal Reserve's year-end drama is about to be released." Hope this helps you! The original content is as follows:
On Monday, December 8, the U.S. dollar weakened against its major www.xmtrade.orgpetitors, with the U.S. dollar index still hovering in the negative range below 99.00 after falling for two consecutive weeks. The European Economic Calendar will release Sentix investor sentiment data for December later in the session.
Growing expectations for a dovish policy outlook from the Federal Reserve (Fed) have been weighing on the dollar since early December. On Wednesday, the Federal Reserve will announce its interest rate decision and release a revised Summary of Economic Projections (SEP), which could impact the dollar's performance heading into the holiday season. Ahead of the Fed meeting, the Bureau of Labor Statistics will release October JOLTS job openings data on Tuesday. Meanwhile, U.S. stock index futures were slightly higher in early European trading on Monday.
Asian trading day data showed that China’s exports increased by 5.9% year-on-year in November, while imports increased by 1.9% during the same period. China's trade balance (in RMB) expanded to RMB 792.57 billion in November from RMB 640.4 billion in October.
The Australian dollar was flat against the US dollar on Monday, fluctuating around 0.6650, after rising nearly 1.5% in the previous week. On Tuesday's Asian trading day, the Reserve Bank of Australia (RBA) is expected to keep its policy rate unchanged at 3.6%.
USD/JPY started the week steady above 155.00. Japanese Finance Minister Katayama Satsuki said on Monday that he had recently seen unilateral and rapid fluctuations in the foreign exchange market and reiterated that appropriate action would be taken if necessary.
Following volatility in the second half of last week, EUR/USD was slightly higher early on Monday and was in positive territory above 1.1660.
GBP/USD was still consolidating above 1.3300 during European trading on Monday, after rising about 0.75% in the previous week.
Gold failed to make a decisive move in any direction last week, but successfully held above $4,200. On Monday morning in Europe, gold was trading just above $4,210 for the day.
Euro: The intraday bias of EUR/USD remains neutral, which is beneficial for further gains. The small support level of 1.1590 still exists. The corrective decline from 1.1917 may have been www.xmtrade.orgpleted at 1.1467. Above 1.1681 will first target the 1.1727 resistance level. A solid breakout there would solidify this view and lead to a retest of the 1.1917 high. However, a break below 1.1590 would reignite bears in the short term and allow 1.1467 to test the lows again.
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