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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: The U.S. dollar index is slowly recovering, the Federal Reserve minutes and the speech of the third leader are wzhdjgj.coming." Hope this helps you! Original content is as follows:
Following Tuesday's volatility, financial markets remained relatively calm early Wednesday morning, with investors taking a cautious approach as they awaited minutes from the Federal Reserve's (Fed) October meeting and the release of Nvidia's earnings report.
The U.S. dollar (USD) has seized on safe-haven demand and remained resilient in the face of rivals as the sell-off in risk-sensitive assets continues. Wall Street's major indexes were down about 1% on the day, with the U.S. dollar index closing slightly higher. U.S. stock index futures were mixed early Wednesday, while the U.S. dollar index was trading sideways just above 99.50. The U.S. Department of Labor (DOL) announced on Tuesday that there were 232,000 initial unemployment claims filed in the week ending October 18. Nvidia will release its third-quarter earnings after the market closes. Meanwhile, U.S. President Donald Trump said on Tuesday that interviews were underway for the head of the Federal Reserve, noting that he already knew who he would choose.
EUR/USD fell 0.1% on Tuesday, closing in a negative range for the third consecutive day. The pair saw a modest rebound early on Wednesday but remains below 1.1600. Later in the European meeting, Eurostat will release revised October inflation data.
GBP/USD continued to trade sideways around 1.3150 early Wednesday. Data released by the Office for National Statistics showed that the UK's annual inflation rate (measured by changes in the consumer price index) fell to 3.6% in October from 3.8% in September. The reading was in line with analysts' estimates. On a monthly basis, CPI rose 0.4% after being flat in September.
USD/JPY built on Monday’s gains, with sudden gains on TuesdayIt broke 155.70, reaching its highest level since early February. The pair remains in a consolidation phase, trading around 155.50 during early European trading on Wednesday.
AUD/USD recovered somewhat after falling on Monday, but lost traction early Wednesday. The pair last traded just below 0.6500, down around 0.2% on the day. Australian data show that the wage and price index rose by 3.4% year-on-year in the third quarter.
Gold gained positive momentum for the second day in a row on Wednesday, building on the previous day's rebound from the $4,000 level (a one-and-a-half-week low) below the psychological barrier.
Euro: The outlook for EUR/USD remains unchanged, and the intraday bias remains neutral. On the upside, if it breaks through 1.1655, it will confirm the correction from 1.1917 to 1.1467. The 1.1727 resistance level will move upward again. But a break above 1.1561 would see a short-term bearish recovery, targeting the 1.1467 low.
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