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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market www.xmkacen.commentary]: Gold retreats from historical highs, focus turns to Powell's speech". Hope this helps you! Original content below:
October 14, After volatile action on Monday, the market calmed down early on Tuesday. Business sentiment data from Germany and the United States will appear on the economic calendar later in the day. More importantly, Federal Reserve Chairman Jerome Powell will speak on the economic outlook and monetary policy at the National Association for Business Economics (NABE) annual meeting in Philadelphia.
The dollar rebounded on Monday as investors reassessed the Sino-U.S. trade conflict after U.S. President Donald Trump announced plans to impose additional 100% tariffs on Chinese imports over the weekend. U.S. Treasury Secretary Scott Bessant told Fox Business Channel on Monday that he believed China was open to discussions, adding that 100% tariffs did not have to happen. Wall Street's major stock indexes closed sharply higher on the day, and the U.S. dollar index rose 0.4% on the day, erasing most of Friday's losses.
Earlier on Tuesday, China's Ministry of www.xmkacen.commerce said that the United States needs to correct its "wrong practices" as soon as possible and pointed out that the United States cannot negotiate while threatening and intimidating and introducing new restrictions. This is not the right way to get along with China. The U.S. dollar index held steady above 99.00 in early trading on Tuesday, while U.S. stock futures fell 0.5% to 1%, reflecting worsening risk sentiment.
The minutes of the Reserve Bank of Australia's (RBA) September monetary policy meeting showed that board members agreed that the policy still has some restrictions, but it is also difficult to determine due to considerable uncertainty about the global outlook, U.S. tariffs and the Chinese economy. AUD/USD remains under heavy bearish pressure early Tuesday, trading at its lowest level since late AugustAround 0.6470.
The Office for National Statistics (ONS) reported on Tuesday that the ILO unemployment rate edged up from 4.7% to 4.8% in the three months to August. Other details from the publication revealed that employment change during the period was +91K, www.xmkacen.compared with previously recorded growth of +232K. GBP/USD remains on the back foot after falling slightly on Monday and trading below 1.3300.
Japanese Finance Minister Katsunobu Kato said on Tuesday that he has recently seen one-sided and rapid fluctuations in foreign exchange, and reiterated that it is important for currencies to stabilize and reflect fundamentals. USD/JPY lost traction after rising during the Asian session on Tuesday and was last trading in negative territory below 152.00.
EUR/USD fluctuated in a narrow range below 1.1600 after closing lower on Monday. French Prime Minister Sebastien Le Cornu is expected to present a budget proposal later in the day, which reportedly aims to cut total costs by about 31 billion euros.
Gold continued to rise on Monday, with gold rising more than 2% and hitting its highest daily closing price ever, exceeding $4,110. After hitting a new high near $4,180 early on Tuesday, it last traded around $4,130.
Euro: The intraday bias of EUR/USD remains neutral and continues to consolidate above 1.1540. As long as the 1.1778 resistance holds, further losses are expected. On the downside, a break above 1.1540 will resume the decline from 1.1917 to 1.1390, or fall further to 1.1252, the 38.2% retracement of 1.0176 to 1.1917.
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