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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Official Website]: Before the release of key US data, the US dollar was under pressure." Hope it will be helpful to you! The original content is as follows:
After Wednesday's oscillation, the US dollar (USD) has difficulty finding demand for the European session starting on Thursday. The European Economic Calendar will revise the euro zone's GDP growth data for the first quarter. Later in the day, market participants will closely monitor U.S. producer price index (PPI), retail sales and weekly initial jobless claims figures. In addition, Fed Chairman Jerome Powell will speak on the Fed’s framework review at the Thomas Laubach Research Conference in Washington, D.C.
After a sharp decline in the first half of Wednesday, the U.S. dollar index reversed its direction during the U.S. session, with little change at the close of the day. Earlier on Thursday, the U.S. dollar index continued to fall to 100.50, down more than 0.3% on the day. Meanwhile, U.S. stock index futures fell between 0.3% and 0.5% in early European trading, reflecting cautious market stance.
Earlier that day, data from Australia showed that the unemployment rate in April was stable at 4.1%, in line with expectations. During this period, employment changes were +89K, while market expectations were +20K. After closing in the negative territory on Wednesday, the AUD/USD held its ground and rose slightly to 0.6450 on Thursday.
The UK National Statistics Office reported on Thursday that GDP grew at an annual growth rate of 1.3%. The data follows a 1.5% increase in the previous quarter, better than the market's expectations of 1.2%. Other data from the UK show that industrial production and manufacturing production contracted by 0.7% and 0.8% month by month in March, respectively. GBP/USD gains traction during European time and is delivered around 1.3300Invest in the positive area.
Euro/USD gained traction after a slight decline on Wednesday and traded above 1.1200. In addition to GDP correction, the EU Statistics Office will also release first-quarter employment changes and industrial production data for March. Several European Central Bank (ECB) policymakers will speak later that day.
After two consecutive days of declines, the US dollar/JPY still faces bearish pressure, falling below 146.00 on Thursday, the European session fell by more than 0.5%. The Japanese cabinet office will release first-quarter GDP data in early Asian trading on Friday.
Gold hit its lowest level since April 10 in the early trading session, falling below $3,150, down nearly 1% on the day. Easing of geopolitical tensions appears to be suppressing precious metals. U.S. President Donald Trump said Thursday they were very close to reaching a nuclear deal with Iran, adding that India has offered the U.S. a “basically zero tariff” trade deal.
Euro: The intraday bias of the euro/dollar remains neutral at present. On the plus side, breaking through the 1.1292 resistance level will indicate that the correction from 1.1572 has been completed after defending the 38.2% retracement level of 1.1039 from 1.0176 to 1.1572. The intraday deviation will rise again, and retest 1.1572. However, a continued breakthrough of 1.1039 will weaken this view and aim at the next 61.8% retracement level of 1.0709.
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