The US dollar index is falling. It is trading below $93.80. The support lies at $93.55. If the index breaks the support, the further fall can be anticipated. However, on Tuesday, traders will look at ISM non-manufacturing PMI data. The forecast is encouraging. If the actual data is greater than the forecast ones, the greenback will have chances to recover.
The single currency managed to recover. The EU economic data weren’t encouraging on Monday. However, the euro managed to increase because of the US dollar’s weakness. EUR/USD rebounded from the support at 1.1650. Up to now, the pair is moving to the resistance at 1.1750 (100-hour MA). The further fall of the greenback will let the pair break the resistance. On Tuesday, a lot of European economic data will be released. If they are encouraging, the euro will have chances to continue the upward movement. Otherwise, the pair will trade within 1.1650-1.1750.
Monday was highly positive for the Australian dollar. It highly increased because of the positive economic data. AUD/USD managed to break the 50-day MA and the resistance near 0.76, the downward trendline at 0.7640. Up to now, the Australian dollar/US dollar pair is trading near the next resistance at 0.7660. If the pair is able to close above this level, the further rise is anticipated. Tomorrow traders should take into consideration the RBA meeting at 7:30 MT time. A change of the interest rate is not anticipated, however, investors will get clues on the future monetary policy of the central bank. The next resistance is at 0.7685 (200-week MA). If the data isn’t encouraging, the pair will move to the support at 0.7550.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?
It seems like most of the assets have joined Black Friday's sell-off with global indices, risky currencies, and commodities going down.
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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