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Hello everyone, today XM Forex will bring you "[XM Group]: The US dollar fell due to Sino-US tensions, and gold exceeded US$4,200." Hope this helps you! Original content below:
Gold extended its impressive rally to a new all-time high above $4,200 on Wednesday, October 15, as markets assessed the latest headlines surrounding U.S.-China relations. The U.S. economic calendar will release weekly mortgage applications and the New York Empire State Manufacturing Index data for October. Policymakers from major central banks are also due to speak throughout the day.
The dollar weakened against rivals after U.S. President Donald Trump said late on Tuesday that they were considering ending some trade relations with China.
“I believe that China’s deliberate failure to purchase our soybeans, causing hardship to our soybean growers, is an act of economic hostility. We are considering terminating our business with China in cooking oils and other elements of trade in retaliation,” Trump posted on TruthSocial. As of press time, the U.S. dollar index fell nearly 0.3% to 98.76 on the day.
Meanwhile, Federal Reserve Chairman Jerome Powell struck a neutral tone in his speech at the National Association of Business Economics (NABE) annual meeting in Philadelphia on Tuesday. Powell acknowledged that downside risks to the labor market have risen while noting that the slow pass-on of tariffs could also start to look like persistent inflation. "The future path of monetary policy will be driven by data and risk assessments," he added.
French Prime Minister Sebastien Le Cornu announced on Tuesday that he intends to suspend pension reforms aimed at raising the retirement age from 62 to 64 until after the 2027 presidential election. Lecornu will face two no-confidence motions later this week. After closing in positive territory on Tuesday, EUR/USD continued to edge higher towards 1.1650 during Wednesday's European session.
Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunt said earlier on Wednesday that recent data was slightly stronger than expected, adding that inflation in the third quarter was likely to be stronger than expected. AUD/USD rebounded after falling to its lowest level since late August to below 0.6450 on Tuesday, and was last up about 0.5% on the day, near 0.6520.
GBP/USD benefited from the selling pressure surrounding the US dollar and recovered to the 1.3350 area during European morning trading on Wednesday.
After falling slightly on Tuesday, USD/JPY continued to trade lower in early European trading to 151.00.
Against the background of fundamental support, gold broke through the $4,200 mark during the session and continued to hit record highs during the first half of the European session on Wednesday.
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.
The above content is about "[XM Group】: The U.S. dollar fell due to tensions between China and the United States, and gold broke through 4,200 U.S. dollars. The entire content was carefully www.xmkacen.compiled and edited by the editor of XM Foreign Exchange. I hope it will be helpful to your trading! Thank you for your support!
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