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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: US fiscal concerns put pressure on the US dollar, and gold prices are close to the two-week high." Hope it will be helpful to you! The original content is as follows:
On May 23, the US dollar (USD) struggled to hold its competitors' positions on Friday after a slight increase on Thursday. The European Central Bank (ECB) will release the first-quarter agreement wage rate data. Later that day, April new home sales data will be the only data in the U.S. economic calendar. As the weekend begins, investors will continue to pay close attention to the speeches of central bank policymakers.
U.S. President Donald Trump's comprehensive tax and spending bill passed by a narrow margin Thursday in the Republican-controlled House. The Senate is expected to begin discussing the bill after the May 26 Memorial Day holiday and vote on it by July 4. The benchmark 10-year Treasury yield fell more than 1% on Thursday, with the last slight drop to 4.5%.
Meanwhile, the U.S. dollar index remained at a negative area around 99.50 after a slight increase on Thursday. Data released by S&PGlobal shows that economic activity in the U.S. private sector accelerated its expansion in May, with the comprehensive purchasing managers index (PMI) rising to 52.1 from 50.6 in April. Finally, U.S. stock index futures rose slightly in early European trading.
Euro/USD benefited from the softening of the US dollar again, and it was easily traded above 1.1300 on Friday.
GBP/USD is ready to go, trading at its highest level since February 2022 around 1.3500.
The US dollar/JPY remained low and fell to 143.00 in early Friday. Japanese Prime Minister Shigeru Ishiba reiterated on Friday's decision on US tariffsThe site and its requirements for cancellation of tariffs have not changed. In addition, Reuters reported that Japanese Minister of Economic Affairs Ryose Akazawa plans to visit the United States for the fourth round of talks around May 30.
Gold prices remained intraday bullish in the first half of the European session on Friday, and are currently slightly below the two-week highs hit the previous day.
Euro: The intraday bias of the euro/dollar remains neutral, and more consolidation may be seen below the temporary top of 1.1362. As long as the 1.1216 support level is held, it is expected to rise further. The correction from 1.1572 may have been completed in 1.1064. Above 1.1362 will first retest 1.1572. A resolute breakthrough will restore a larger upward trend. The next near-term target will be the 61.8% forecast of 1.0176 to 1.1572, from 1.1064 to 1.1927. However, a breakout of 1.1217 will redirect bias to the downside of 1.1064 support.
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