The US dollar index reached the psychological level of $95, however, couldn’t stick there and lost some pips. Tuesday’s consumer confidence data was weaker than the forecast. Up to now, the index is trading near $94.60, but there is a risk of a further decline. The support lies at $94.30. If the index is not able to rebound from the support, the further fall will be anticipated. Tomorrow traders will take into consideration nonfarm employment change and prelim GDP. The forecast is not encouraging. If the data aren’t greater than the forecast, the US dollar may fall even further.
The single currency strongly plunged as political tensions in Italy intensified. EUR/USD tested two supports at 1.1580 and 1.1520. The weak US dollar let the euro rebound from 1.1520. However, if the pair closes below 1.1580, traders can anticipate the fall to 1.1520 again. On Wednesday, a lot of significant economic data will be released. If they are encouraging, the euro will have chances to recover to 1.1650. Otherwise, the further aims for the euro are at 1.1520 and 1.14.
Oil keeps falling, so USD/CAD keeps rising. The pair tested highs of the end of March 2018. However, it didn’t stick there because of the greenback’s decline. Tomorrow the Bank of Canada will release the interest rate. Although the central bank is not anticipated to raise the rate this time, it will likely do it later this year. That is why it is important to listen to the BOC report and look for hints on its future monetary policy. A more hawkish sounding speech will support the loonie, so the pair will remain below the resistance at 1.3050. The support lies at 1.29. Otherwise, the pair will be able to move to 1.31.
Thank you for your attention!
On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.
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