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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market centrdom.infomentary]: The U.S. dollar tightly holds the $100 mark, and the Bank of England interest rate decision is centrdom.infoing!". Hope this helps you! Original content below:
Trading in financial markets turned choppy early Thursday as investors prepared for a monetary policy announcement from the Bank of England (BoE). The European Economic Calendar will release Eurozone retail sales data for September. In the second half of the day, U.S. challenger layoff data for October will be closely watched by market participants.
U.S. data on Wednesday showed that business activity in the service industry continued to accelerate in October, with the Institute for Supply Management (ISM) Services Purchasing Managers Index (PMI) rising to 52.4. Additionally, Automatic Data Processing (ADP) announced that private sector employment increased by 42,000 in October, beating market expectations of 25,000. The dollar index ended flat but gave up gains, despite climbing to its highest level since late May above 100.30 following the upbeat data. Small gains in Wall Street's main indexes reflected improving risk sentiment, making it difficult for the dollar to remain strong. Earlier on Friday, the U.S. dollar index remained in a consolidation phase near 100.00, while U.S. stock futures were slightly lower on the day.
The Bank of England is widely expected to keep its policy interest rate unchanged at 4% after the November meeting. Bank of England Governor Andrew Bailey will explain the policy decision and answer questions at a press conference starting at 12:30 GMT. As Chancellor of the Exchequer Rachel Reeves hinted earlier this week, investors will be watching to see how Bank of England policy unfolds if the autumn budget includes a tax increase. GBP/USD managed to recover slightly on Wednesday following Tuesday's sharp losses. In early European trading on Thursday, the currencyThe pair is stable around 1.3050.
Australian data earlier on Thursday showed that exports increased by 7.9% month-on-month in September, while imports increased by 1.1%. AUD/USD remained relatively calm on Thursday and traded within a tight channel above 0.6500.
EUR/USD rose slightly, ending a five-day losing streak. The pair remains in a consolidation phase, trading just above 1.1500 in early European trade on Thursday.
USD/JPY is trading sideways near 154.00 after closing slightly higher on Wednesday.
Gold attracted buyers for the second day in a row and rose back above the psychological $4,000 mark during early European trading on Thursday.
Euro: With the current recovery, the intraday bias of EUR/USD turns neutral, and some consolidation will occur above the temporary low of 1.1467. As long as the 1.1727 resistance holds, further losses are expected. A break below 1.1467 would extend the decline from 1.1917, from 1.1727 to a 100% forecast of 1.1540, from 1.1727 to 1.1350. A decisive breakout would accelerate the downside to 1.1252, the 38.2% retracement of 1.0176 to 1.1917.
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