Here is everything you need to know about Forex Market.
In Forex Market Major currency pairs are reasonably calm early Thursday as investors await the release of final revisions to the third-quarter Gross Domestic Product (GDP) figures by the US Bureau of Economic Analysis. The US economic calendar will also include weekly Jobless Claims and the December Manufacturing Survey from the Federal Reserve Bank of Philadelphia.
The US Dollar (USD) Index edged lower in the early half of the day on Wednesday, but staged a late rally to conclude the day with small gains. The negative shift in risk sentiment witnessed in Wall Street’s main indexes aided the USD in finding demand in the American session. . Furthermore, positive consumer sentiment and housing statistics bolstered the currency. The USD Index appears to have entered a consolidation phase below 102.50 early Thursday. In the European morning, US stock index futures are trading in positive territory, while the benchmark 10-year US Treasury bond rate is recovering approaching 3.9%. Annualized GDP growth in the United States is predicted to remain at 5.2% in Q3.
Forex Market movement in Pairs.
After ending the first two trading days of the week in the green, the EURUSD fell and lost ground on Wednesday. Early Thursday, the pair is trading in a narrow channel at about 1.0950.
Following the significant drop seen following softer-than-expected UK inflation statistics, GBPUSD stabilized slightly below 1.2650 on Thursday. The Office for National Statistics in the United Kingdom will publish Retail Sales data GDP figures for the third quarter.
After making big gains following the Bank of Japan’s (BoJ) policy pronouncements earlier in the week, the USDJPY slipped lower on Wednesday, but managed to establish a foothold near 143.00 on Thursday. In the early trading hours of Friday, the National Consumer Price Index data and the minutes of the Bank of Japan’s December policy meeting will be scrutinized for new impetus.
After falling to a new multi-month low near 1.3300, the USDCAD recovered and finished in positive territory on Wednesday. Because of the drop in crude oil prices, the commodity-sensitive Loonie has struggled to outperform the USD. Later in the day, Statistics Canada will release October Retail Sales figures.
The price of gold has fallen to around $2,030. Wednesday is the day. However, falling US Treasury bond yields allowed the XAUUSD to reduce its losses. Early Thursday, the pair fluctuates in a narrow zone below $2,040.
