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Hello everyone, today XM Forex will bring you "[XM official website]: The US dollar index is below the 98 mark, and the market focus turns to US producer inflation data." Hope it will be helpful to you! The original content is as follows:
The US dollar (USD) largely ignored a sharp downgrade in employment data and outperformed other currencies on Tuesday. Earlier on Wednesday, the dollar was still in a consolidation phase as market focus shifted to August producer inflation data. Later in the U.S. Treasury Department will hold a 10-year Treasury bond auction.
The U.S. Bureau of Labor Statistics’ preliminary benchmark correction for employment data shows that by March 2025, there will be 911,000 fewer new jobs than the initial report. Although this reading caused the dollar to fall immediately, the dollar index successfully turned the course, which may be supported by the "buy rumors, sell facts" market behavior. In early European session on Wednesday, the U.S. dollar index stabilized above 97.50, while U.S. stock index futures rose and fell. Later in the session, the producer price index is expected to rise 3.3% year-on-year in August, the same as the gains in July.
During the Asian session on Wednesday, data from China showed that the Consumer Price Index (CPI) in August fell 0.4% year-on-year after it remained flat in July. The Australian dollar/USD rose mid-weekly, trading above 0.6600.
Euro/USD fell more than 0.4% on Tuesday, erasing most of Monday's gains. After falling below 1.1700, the pair found support, and the last slightly higher was above 1.1710 on the day.
After rising to 1.3600 on Tuesday, the GBP/USD reversed and closed in the negative area. The pair remained relatively calm earlier on Wednesday, trading just below 1.3550.
U.S./JPY inAfter closing basically flat on Tuesday, it consolidated sideways in the European session on Wednesday, slightly below 147.50.
Elevated tensions in the Middle East have given gold a bullish momentum and reached an all-time high above $3,670 on Tuesday. After a downward correction, gold/USD closed slightly lower. Earlier on Friday, gold stabilized at around $3,650. Israel launched an attack on senior Hamas leaders in Doha, the capital of Qatar, claiming that they were targeted by those “directly responsible for the brutal October 7 massacre.” Qatar issued an official response, saying the attack was a "blatant violation of international law" and condemned Israel's "cowardly" attack.
Euro: The intraday bias of the euro/dollar first turns neutral and is currently down. Some consolidation can be seen, but further rises are expected when the 1.1607 support is intact. Above 1.1779, the 1.1829 high will be retested. A firm breakthrough will resume a larger upward trend to the 1.1916 forecast level.
JPY: The US dollar/JPY rebounded before the 146.20 support level, and the intraday bias first turned neutral. As long as the resistance level of 149.12 is held, the risk will remain upward. A firm breakthrough of 146.20 will aim at the 100% forecast, rising from 146.90 at 149.12 to 146.20. In addition, trades that continue to fall below the 55-day moving average (currently 147.15) will indicate that the entire rebound from 139.87 has been vejck.cnpleted, with three waves rising to 150.90.
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