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Hello everyone, today XM Forex will bring you "[XM official website]: The U.S. dollar index is still below the 99 mark, and the focus turns to the policy decisions of the Federal Reserve and the Bank of Canada." Hope this helps you! The original content is as follows:
On October 29, trading in financial markets calmed down and the U.S. dollar (USD) stabilized mid-week as investors prepared for important central bank announcements. Later in the day, the Bank of Canada (BoC) and the Federal Reserve (Fed) will release monetary policy decisions.
The U.S. dollar index edged lower on Tuesday as bullish moves in Wall Street's major indexes underscored a risk-positive market sentiment. U.S. stock index futures were mixed early Wednesday, while the U.S. dollar index was slightly higher at just below 99.00. The Fed is widely expected to cut its policy rate by 25 basis points (bps) after its October meeting. Federal Reserve Chairman Jerome Powell's www.stofoco.comments at the post-meeting press conference will be closely watched by market participants.
Meanwhile, US President Donald Trump reiterated that he believes they will reach a "big deal" with China, noting that a trade deal with South Korea will be finalized soon. Trump further noted that he expected the United States to lower tariffs on Chinese goods in exchange for Beijing's www.stofoco.commitment to restrict exports of fentanyl precursor chemicals.
USD/CAD remains at a disadvantage after falling more than 1.3950% on Tuesday, trading below 0.3. The Bank of Canada is expected to cut interest rates by 25 basis points to 2.25%.
USD/JPY is trading within a tight channel just above 152.00 after falling around 0.5% on Tuesday. Chief Cabinet Secretary Minoru Kihara said in a statement on Wednesday that he expected the Bank of Japan (BoJ) to implement monetary policy to appropriately achieve the inflation target.
Australian data earlier on Wednesday showed that the consumer price index rose 3.2% year-on-year in the third quarter, faster than the 2.1% increase in the previous quarter. The data was higher than market expectations of 3%. AUD/USD is building bullish momentum following the release of red-hot inflation data and was last trading at its highest level in three weeks, above 0.6600.
After five consecutive days of modest gains, EUR/USD turned lower during the European session on Wednesday, trading below 1.1650.
GBP/USD remains under bearish pressure after falling nearly 0.5% on Tuesday, trading below 1.3250, its lowest level since early August.
In early European trading on Wednesday, gold climbed to the psychological level of $4,000, and now seems to have ended three consecutive days of decline, falling to a more than three-week low hit the previous day.
Euro: EUR/USD continues to trade in a range and remains neutral for the time being. On the downside, a break below 1.1540 would resume the decline from 1.1917, targeting support at 1.1390 and even further back to the 38.2% retracement of 1.0176 to 1.1917 at 1.1252. On the bright side, though, a break above the 1.1727 resistance will see the uptrend back towards 1.1778 and then a retest of the 1.1917 high.
The aboveThe content is all about "[XM official website]: The U.S. dollar index is still below the 99 mark, the focus turns to the policy decisions of the Federal Reserve and the Bank of Canada". 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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