ONLINE FOREX BROKER
It seems like the rally of the greenback has ended. On Monday, the US dollar index tested levels near $94, however, closed below $93.50. Tuesday’s attempts to recover were not successful as well. Up to now, the US dollar index is trading near $93.40. If the index closes below $93.50, there are risks of the further fall of the greenback. On Wednesday, Fed’s meeting minutes will be released. Whether a report is more hawkish, the greenback has chances to recover. Otherwise, other currencies will get a chance for an appreciation against USD.
The single currency couldn’t recover. It seemed like the euro would break the resistance at 1.1840, however, EUR/USD rebounded. Up to now, the pair returned to Monday’s levels near 1.1780. On Wednesday, a lot of significant data for the euro will be released. Forecasts are not encouraging, however, if the actual data are greater than the forecast ones, the euro will have chances to return to 1.1840. However, the trend line will put additional pressure on the pair. As a result, whether the data are weaker, there is a risk of the fall to 1.1680.
A significant rise of oil highly supports the Canadian dollar. On Tuesday, USD/CAD broke the support at 1.2780. The next support lies at 1.27 (100-day MA). However, no important data are anticipated to be released during this week. The loonie can only rely on the weak greenback and strong oil. Moreover, on the weekly chart, 200-week MA is an additional support for the pair. If it is able to break it, there will be more chances for the loonie. Otherwise, USD/CAD will return to levels above 1.2780.
Thank you for your attention!
On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
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?
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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