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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: The US dollar is still weak before the Federal Reserve meeting, and gold hits a record high." Hope it will be helpful to you! Original content is as follows:
Earlier Tuesday, the U.S. dollar (USD) still faced moderate bearish pressure as investors adjusted their positions ahead of the Fed’s two-day key policy meeting. In the second half of the day, the U.S. Economic Calendar will introduce the retail sales, import price index and export price index data in August.
The US dollar index closed in the negative territory on Monday, under pressure from improved risk sentiment in the United States during the period. Major Wall Street stock indexes opened bullish and closed higher. The dollar index continued to move lower earlier on Tuesday, with the last trading price at its lowest level in more than two months, just above 97.00. Meanwhile, U.S. stock index futures rose and fell.
The Office for National Statistics (ONS) in Europe reported in the morning that the ILO unemployment rate remained at 4.7% for the three months to July, in line with expectations. During this period, the annual wage inflation rate, measured as changes in average income excluding bonuses, fell slightly from 5% to 4.8%, in line with market expectations. The GBP/USD strengthened on Monday's gains and ended up trading above 1.3620. The Office for National Statistics will release August inflation data on Wednesday.
Euro/USD benefited from a general weakness in the U.S. dollar and rose to 1.1800 in early trading on Tuesday. Later in the session, market participants will closely monitor the ZEW survey in Germany and the euro zone - economic prosperity data and the euro zone's industrial production data for July.
The USD/Canadian fell slightly after falling nearly 0.5% on Monday, and traded below 1.3800 during the European session on Tuesday. In the early trading of the United States, Statistics Canada will release the August Consumer Price Index (CPI) data. On Wednesday, the Bank of Canada (BoC) will announce its policyMake a decision.
The US dollar/JPY fell in early European trading, trading below 147.00. In the early Asian session, Japan's economic calendar will release the August www.vifu.netmodity trade balance data.
After a calm start to the week, gold traded above $3,680 on Tuesday, setting an all-time high.
Euro: The euro/dollar has a tendency to rise again in the intraday trading, breaking through the 1.1779 resistance level. The rise from 1.1390 should continue to retest the 1.1829 high. A firm breakthrough will resume a larger upward trend, with the next forecast level of 1.1916. On the downside, the secondary support level below 1.1715 will first turn neutral again.
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