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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: The Federal Reserve's words stimulate the bond market, and the US dollar continues to fall out of favor." Hope it will be helpful to you! The original content is as follows:
Earlier on Tuesday, financial markets were in a sluggish manner as investors finally took a break after a sharp volatility in the previous week. The European Statistics Office will release February industrial production data later in the trading day. In the second half of the day, Canadian inflation data, US export price index and US import price index data will receive close attention from investors.
The US dollar index fluctuated up and down in a narrow range below 100.00 after closing on Monday. U.S. President Donald Trump said late Monday that his administration will focus on semiconductors and the entire electronics supply chain in an upcoming national security tariff investigation. Trump also noted that he expects tariffs on imported drugs in the "normal future." U.S. stock index futures rose slightly in early European trading Tuesday after major Wall Street indexes rose 0.6% to 0.8% on Monday.
Canada's Consumer Price Index (CPI) is expected to rise 2.6% on an annualized basis in March, the same as the gains in February. The USD/Canada remained relatively calm and consolidated sideways above 1.3850 in early Tuesday. On Wednesday, the Bank of Canada will announce monetary policy decisions.
The US dollar/JPY fell about 0.3% on Monday, closing in the negative area for the third consecutive day. In early European session Tuesday, the pair rebounded to 143.50. Japanese Finance Minister Shun Kato reiterated on Tuesday that excessive volatility in financial markets will have a negative impact on economic and financial stability.
AUD/USD maintains bullish momentum, with positive regional trading above 0.6350 early on Tuesday. The minutes of the Reserve Bank of Australia (RBA) April monetary policy meeting show that board members agree to the May meetingIt is a good time to reconsider the policy prospects, but point out that the decision is not predetermined.
Euro/USD stabilized around 1.1350 in early European session on Tuesday.
GBP/USD rose nearly 0.8% on Monday and continued to rise in early Tuesday. As of press time, the pair was trading above 1.3200, its highest since October. The Office for National Statistics (ONS) reported earlier that the ILO unemployment rate remained stable at 4.4% in the three months to February, in line with market expectations. On Wednesday, the UK's National Statistics Office will release inflation data for March.
On commodities, oil prices rose, boosted by Trump's proposal for a new round of tariff exemptions. Brent crude futures rose 0.28% to $65.06 a barrel, while U.S. crude rose 0.36% to $61.75 a barrel. Spot gold prices remained near the all-time high of $3,225.
Euro: The intraday bias of the euro/dollar remains neutral for consolidation below the temporary top of 1.1472. The downward space should be controlled above the 1.0912 support level to rise again. On the plus side, breaking through 1.1472 will target the 161.8% forecast of 1.0358 to 1.0953, from 1.0731 to 1.1694.
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