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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: The global sell-off is intensifying! The Fed's interest rate cut bets have decreased." Hope this helps you! Original content below:
The U.S. dollar (USD) stabilized after outperforming its rivals this week as bets on the Federal Reserve (Fed) to cut interest rates in December faded. The economic calendar will release preliminary manufacturing and services Purchasing Managers' Index (PMI) data for Germany, the euro zone, the UK and the US on Friday.
The U.S. Bureau of Labor Statistics (BLS) reported on Thursday that nonfarm payroll employment (NFP) increased by 119,000 in September. The figures came after a 4,000-person fall was recorded in August, beating market expectations of 50,000. Other details from the jobs report showed that July's NFP change was revised down by 7,000 jobs, from +79,000 to +72,000 jobs, while August's change was revised down by 26,000 jobs, from +22,000 jobs to -4,000 jobs. After recording sharp gains on Wednesday, the U.S. dollar index continued to rise slightly on Thursday and hit its highest level in two weeks, above 100.30, before entering a consolidation phase. At the time of writing, the U.S. Dollar Index is trading slightly lower on the day, holding above 100.00.
During the Asian trading hours, Japanese data showed that exports increased by 3.6% year-on-year in October, and imports increased by 0.7%. In addition, the Jibun Bank manufacturing PMI rose slightly to 48.8 in November from 48.2 in October, while the services PMI remained unchanged at 53.1. Meanwhile, Japanese Prime Minister Sanae Takaichi's cabinet approved a 21.3 trillion yen (approximately US$135.4 billion) economic stimulus plan. USD/JPY edged lower in early European trade on Friday,But it remains above 157.00.
The Office for National Statistics announced earlier on Friday that retail sales fell by 1.1% month-on-month in October, while rising by 0.7% in September. After seeing little change on Thursday, GBP/USD remained relatively calm, trading below 1.3100 early on Friday.
EUR/USD extended its slide amid continued U.S. dollar strength and closed in negative territory for the fifth consecutive day on Thursday. The pair corrected towards 1.1550 during European morning on Friday.
AUD/USD fell about 0.6% on Thursday before settling around 0.6450 in early trading on Friday. Data from Australia showed that the S&P Global xm-bx.composite PMI rose to 52.6 in November from 52.1 in October, reflecting the continued expansion of private sector business activity.
Gold fell to multi-day lows in the first half of the European trading day, but lacked follow-up selling and has so far managed to stay above the psychological $4,000 mark amid mixed signals.
Euro: The intraday bias of EUR/USD remains slightly downward when retesting 1.1467. A strong breakout here will target 1.1390, followed by a 38.2% retracement of 1.0176 to 1.1917, at 1.1252. For now, as long as the 1.1655 resistance level holds, risks will continue to move lower to prevent a recovery.
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