US Dollar Might Get Under Pressure After These Events

US Dollar Might Get Under Pressure After These Events

Today’s markets may be volatile with new vital releases and geopolitical decisions. The daily news report will surely help you!

Events of the day

  • 16:45 GMT+2 - US Flash Services PMI 
  • 21:00 GMT+2 - Fed Meeting Minutes
  • 23:30 GMT+2 - BOC Gov Macklem Speaks

What to expect from the USD today?

Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Analysts expect the index to reach 48.0, against 46.6 in October, pointing to a slow economic recovery. If the actual result meets or overperforms the expectations, the US dollar will weaken against other currencies.

 At 21:00 GMT+2, the Federal Reserve will release its meeting minutes. It's a detailed record of the FOMC's most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on interest rates.

The upcoming key rate hikes in December and February meetings remain the major topic for discussion among traders and investors. This record will provide valuable information regarding the future of the US monetary policy.

US dollar index, H4 chart

UsDollarH4.png

Currently, the US dollar index is consolidating above the lower border of the rising channel. In the short term, the index might increase to 108.20. However, sellers will dominate the market after the releases and send the US dollar index toward the 104.95 - 105.30 support range. In this case, EURUSD, GBPUSD, and XAUUSD might fly toward new local highs.

This news moves the markets:

  • Gas in Europe grows by 12% and is already above $1400. Prices are rising due to a possible decrease in gas transit through Ukraine. The period of gas withdrawal from gas storages has also started, which pushes the demand for gas up, and prices follow it.
  • The organization for Economic Co-operation and Development stated the UK will be the weakest G7 economy in terms of growth in 2023-2024.
  • RTRS poll: Central Bank of England will raise rates by 0.5% in December. The peak rate is expected at 4.25%.
  • Coinbase shares hit an all-time low after the FTX crypto exchange crash.
  • Violent protests erupted at Apple's largest iPhone factory in China. People protest over tough anti-COVID restrictions.
  • Tesla Inc. Chief Executive Officer Elon Musk said he considers South Korea a top candidate for investment, according to the office of President Yoon Suk Yeol.
  • Bitcoin held recent gains after rising as much as 4.2% Tuesday to lift the digital asset from its lowest price since November 2020.

Stay focused, and it will lead you to victory!

 TRADE NOW

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