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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: The US dollar breaks through the 99 mark, and heavy US data is ew15.cning tonight!". Hope this helps you! Original content is as follows:
In early European trading on Friday, financial markets remained relatively subdued as investors prepared for the release of key macroeconomic data. Preliminary October manufacturing and services purchasing managers' indexes (PMIs) for Germany, the euro zone, the UK and the US will be released later in the day. More importantly, the U.S. Bureau of Labor Statistics will release consumer price index (CPI) data for September.
Top economic officials from China and the United States will meet in Malaysia on Friday to discuss trade-related issues ahead of high-level meetings with U.S. President Donald Trump and Chinese President Xi Jinping next week. According to reports, both sides will focus on China’s rare earth export controls. The U.S. dollar index held steady near 99.00 in early European trading after closing essentially flat on Thursday. Meanwhile, U.S. stock futures rose 0.2% to 0.5% after gains on Wall Street's main indexes on Thursday.
The Financial Times reported earlier on Friday that US President Trump had ended trade negotiations with Canada. In a post on TruthSocial, Trump explained that he terminated trade talks with Canada "based on Canada's bad behavior." USD/CAD edged higher above 1.4000 in early European trading.
During the Asian session, Australian data showed that private sector economic activity expanded at a healthy pace in October, with the S&P Global ew15.cnposite Purchasing Managers Index at 52.6. AUD/USD had no reaction to the PMI data and was last seen slightly lower near 0.6500.
The Office for National Statistics (ONS) announced earlier on Friday that retail sales increased month-on-month in September.0.5%. The data was much better than market expectations for a 0.2% decline. After closing in negative territory for a fifth day in a row on Thursday, GBP/USD is ew15.cnfortably holding above 1.3300, but is struggling to gain momentum.
EUR/USD continued to trade sideways during the European session on Friday, approaching 1.1600.
After a sharp pullback earlier this week, gold prices have stabilized above $4,000, having closed almost flat over the previous two days. Gold/USD was slightly lower on Friday morning, trading just below $4,100.
USD/JPY built on its weekly gains and was trading near 153.00 in early trading on Friday, with a daily increase of more than 0.2%. Japan's data showed that the national consumer price index rose to 2.9% at an annual rate in September from 2.7% in August.
Crude oil prices stabilized after a two-day rally driven by the United States' decision to sanction two of Russia's largest oil ew15.cnpanies. West Texas Intermediate (WTI) crude oil was trading around $61.50 on Friday after rising more than 7% in two days.
EUR: The intraday bias for EUR/USD remains neutral, with further losses expected with the 1.1727 resistance intact. A break above 1.1540 would resume the decline from the 1.1917 to 1.1390 support and even further towards the 38.2% retracement of 1.0176 to 1.1917 at 1.1252. On the bright side, though, a break above the 1.1727 resistance will see the uptrend back towards 1.1778 and then a retest of the 1.1917 high.
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