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Hello everyone, today XM Forex will bring you "[XM official website]: The US dollar rose before the release of US data." Hope it will be helpful to you! The original content is as follows:
On Thursday, May 1, the European market was intraday, and the US dollar continued to strengthen against other currencies earlier on Thursday, with the US dollar index rising to a two-week high above 100.00. The U.S. economic calendar will include April Challenger layoffs and ISM Manufacturing Purchaser Index data, as well as the number of people who requested weekly unemployment benefits. European markets will continue to be closed during the Labor Day holiday.
The Bank of Japan announced on Thursday that it would maintain its short-term interest rate target within the range of 0.40%-0.50%. At a post-conference press conference, Bank of Japan Governor Kazuo Ueda pointed out that uncertainty surrounding Japan's outlook has increased dramatically due to U.S. trade policy. Ueda reiterated that if the economy and price movements match their forecasts, they will continue to raise interest rates. The USD/JPY maintained its bullish momentum, trading above 144.50 in early European trading, up about 1% on the day.
The Bureau of Economic Analysis reported in its first estimate Wednesday that gross domestic product (GDP) contracted by 0.3% at an annual rate. Other data from the United States show that the Fed's preferred inflation indicator core personal consumption expenditure (PCE) price index rose 2.6% year-on-year in March, in line with market consensus. Meanwhile, U.S. President Donald Trump said Wednesday that there is a high possibility that they will reach an agreement with China. However, U.S. Trade Representative Jamieson Greer told reporters that no formal talks have been held with China yet. U.S. stock index futures rose 0.5% to 1.4% early on Thursday after major Wall Street indexes rose slightly on Wednesday.
Euro/USD after two consecutive days of decline, trading around 1.1300 during the European period.
The GBP/USD has difficulty getting rid of bearish pressure and fell back to the 1.3300 area in early Thursday, down about 0.3% on the day.
Gold continues its weekly decline and trades deep in the negative area below $3,250 to begin the European session.
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