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In Forex market Following a steep drop on Monday, the US Dollar (USD) Index managed to register minor daily gains on Tuesday. The USD remains strong versus its rivals early Wednesday. Before the Thanksgiving break, the US economic calendar will include Durable Goods Orders data for October, as well as the weekly Initial Jobless Claims report from the US Department of Labor. The European Commission will release preliminary Consumer Confidence Index statistics for November later in the American session.
The Federal Reserve (Fed) restated the data-dependent approach and policymakers’ willingness to proceed cautiously in the minutes of the October 31-November 1 policy meeting. However, the paper revealed Participants agreed that if progress toward the inflation objective was insufficient, further policy tightening would be required. Following the publishing, the benchmark 10-year US Treasury bond yield stabilized at roughly 4.4%, and Wall Street’s major indexes completed the day with mild losses.
Reuters reported early Wednesday that Chinese government officials will recommend a 4.5% to 5% GDP growth target for next year. “Monetary stimulus is expected to play a more limited role as the central bank remains concerned about a widening interest rate differential with the West,” according to the research.
Forex market movement in pairs.
On Tuesday, the EURUSD closed in the red but remained over 1.0900. Christine Lagarde, President of the European Central Bank (ECB), stated on Tuesday that now is not the time to declare success. against inflation.
GBPUSD gained for the third trading day in a row on Tuesday, reaching its highest level since early September above 1.2550. Early Wednesday, the pair consolidates its gains below that level. British Finance Minister Jeremy Hunt will make the Autumn Budget statement during European trading hours.
Japan’s Cabinet Office reduced its outlook for the overall economy in November, noting the negative impact of weak demand on capital spending and consumer consumption. USDJPY plummeted to 147.00, its lowest level in more than two months, before recovering. The pair was trading in positive territory at about 149.00 at the time of publication.
On Tuesday, the gold rise resumed in the second half of the day. XAUUSD surpassed $2,000 for the first time since early November. At the time of writing, the pair was trading slightly higher on the day, at $2,005.
