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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market www.stofoco.commentary]: The new US restrictions on China hit the weakness of technology! The Fed's interest rate cut is almost a foregone conclusion." Hope this helps you! Original content is as follows:
Early on Thursday, October 23, markets remained relatively calm as investors avoided taking large positions while looking for the next big catalyst. Later in the day, the U.S. economic calendar will feature existing home sales and new home sales data. On Friday, the U.S. Consumer Price Index (CPI) data for September may trigger a major market reaction.
Reuters reported earlier on Thursday that the White House was considering a plan to curb a range of software-driven exports to China in retaliation for Beijing's latest round of rare earth export restrictions. U.S. Treasury Secretary Scott Bessant said: "If these export controls, whether it's software, engines or other things, happen, it will likely be coordinated with our G7 allies. At the same time, U.S. President Donald Trump said he believes they will be able to reach a deal with Chinese President Xi Jinping when they meet in South Korea next week. U.S. stock index futures were mixed in early European trading on Thursday, while the U.S. dollar index was slightly higher near 99.00.
EUR/USD held on to its ground on Wednesday after three consecutive days of losses, recording modest daily gains. Early on Thursday, the pair struggled to find direction and was trading within a tight channel near 1.1600. Later in the session, the European www.stofoco.commission will release preliminary data on consumer confidence for October.
GBP/USD rebounded late in the session and ended slightly lower after remaining under pressure during the European session on Wednesday, as the market reacted to weaker-than-expected UK inflation data for September. During European morning trade, the pair was steady around 1.3350close.
USD/JPY maintains bullish momentum and builds on weekly gains. At press time, the pair was trading at its highest level in 10 days, near 152.50, up more than 0.3% on the day. In early Asian trading on Friday, the Japanese economic calendar will release preliminary data on the manufacturing and services purchasing managers index (PMI) for October.
Gold fell 0.2% to $4,086.73. As gold prices approached the $4,000 mark in early Asian trading, investors took profits ahead of this week's U.S. inflation data.
EUR: The outlook for USD/CHF remains unchanged, with intraday bias remaining neutral. With the 0.7984 resistance intact, further losses are favored. On the downside, below minor support at 0.7913 will turn towards the downside at 0.7872 and then the low of 0.7828. A firm breakout would resume the larger downtrend. However, a move above 0.7984 would indicate an extension of the corrective pattern at 0.7828 and once again targeting 0.8075.
The above content is about "[XM Foreign Exchange Market www.stofoco.commentary]: The United States' new restrictions on China hit the weakness of science and technology! The Fed's interest rate cut is almost a foregone conclusion". It was carefully www.stofoco.compiled and edited by the XM foreign exchange editor. I hope it will be helpful to your trading! Thanks for the support!
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