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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: The US dollar rebounds, and the pound falls due to weak British inflation data." Hope this helps you! Original content below:
The pound weakened against major rivals early on Wednesday as markets assessed UK inflation data to be weaker than expected. The economic calendar will not release any data that could have a major impact on the movements of major currency pairs mid-week. As a result, investors will continue to focus on headlines surrounding U.S.-China relations and the ongoing government shutdown.
The Office for National Statistics (ONS) reported in Europe Morning on Wednesday that annual inflation, measured by changes in the consumer price index (CPI), held steady at 3.8% in September. The reading was below market expectations of 4%. On a monthly basis, CPI was flat after rising 0.3% in August. GBP/USD remains under mild bearish pressure following the CPI data and is trading in negative territory below 1.3350. EUR/GBP was last up nearly 0.4% on the day at 0.8710, reflecting broad weakness in the pound.
The U.S. dollar index stabilized around 99.00 after rising about 0.4% on Tuesday. Several Federal Reserve officials are scheduled to speak later in the day, but they are unlikely to www.vifu.netment on the policy outlook as the central bank is in a blackout ahead of next week's policy meeting. Meanwhile, U.S. stock futures edged higher on the day. After meeting with President Donald Trump at the White House, some Republican senators noted that Trump wants to end the government shutdown and that he is willing to discuss the matter with Democrats.
Canadian data on Tuesday showed that the annual CPI rate in September climbed to 2.4% from 1.9% in August, exceeding market expectations of 2.3%. USD/CAD remains on the back foot early Wednesday after falling slightly on Tuesdayposition, trading around 1.4000.
EUR/USD stabilized around 1.1600 after closing in negative territory for the third consecutive trading day on Tuesday. European Central Bank (ECB) President Christine Lagarde will deliver a keynote speech at the Frankfurt Finance and Future Summit in Frankfurt later in the day.
According to a recent Reuters poll, most economists participating in the survey expect the Bank of Japan (BoJ) to raise key interest rates in October or December. Reuters further noted that nearly 96% of economists expect borrowing costs to increase by at least 25 basis points (bps) by the end of March. Meanwhile, Japanese Prime Minister Sanae Takaichi reportedly ordered a package of new economic measures aimed at easing the burden of inflation on households and businesses. After rising nearly 0.8% on Tuesday, USD/JPY remained relatively calm on Wednesday, trading below 152.00.
Spot gold's decline resumed, falling below $4,070 per ounce, and falling by more than $70 per ounce in 30 minutes. Then it rebounded to $35 in the short term.
EUR: The intraday bias for EUR/USD remains neutral, with the drop from 1.1917 expected to resume sooner or later. A break above 1.1540 would target support at 1.1390 and even further back to the 38.2% retracement of 1.0176 to 1.1917 at 1.1252. On the upside, a break above 1.1778 would target a retest of the 1.1917 high.
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