Moving on, risk catalysts are important for the USDINR pair traders ahead of the US Producer Price Index for October, expected at 8.3% YoY versus 8.5% prior, as well as the US Retail Sales for the said month. Moving on, GBPUSD traders should pay attention to the aforementioned risk catalysts for clear directions ahead of the US Producer Price Index for October, expected at 8.3% YoY versus 8.5% prior. It should be noted that major attention will be given to Wednesday’s UK Consumer Price Index for October and Thursday’s British Autumn Statement amid hopes of witnessing upbeat outcomes. In fact, the Average Earnings Excluding Bonuses rose to 5.7% from 5.5%, beating estimates for an uptick to 5.6%. The data reaffirms market bets for a further policy tightening by the Bank of England, which is seen offering some support to the British Pound.
The softer-than-expected US PPI adds to the heavily offered tone surrounding the buck. Employment data in the UK was mixed, though the GBP is supported by overall US Dollar weakness. Only a recovery above 19.60 would alleviate the bearish tone for the greenback. „Tighter financial conditions https://mokoweb.com/dotbig-ltd-review-all-that-you-need-to-know-pros-and-cons/ have not yet constrained business activity enough to seriously dent inflation.“ Inflation is very high and there is still a risk that inflation will rise further. The European Central Bank’s Robert Holzmann has crossed the wires saying interest rates will be increased further.
DXY daily chart
Traders now look forward to the US macro data – the Empire State Manufacturing Index and Producer Price Index . This, along with speeches by influential FOMC members and the US bond yields, will drive the USD demand. Apart from this, the broader market risk sentiment should provide a fresh impetus to the USDCHF https://finviz.com/forex.ashx pair. Market participants now look forward to the US economic docket – featuring the release of the Empire State Manufacturing Index and Producer Price Index later during the early North American session. Apart from this, speeches by influential FOMC members and the US bond yields will drive the USD demand.
- Prices of commodities that affect these currencies can be influenced by issues affecting supply and demand.
- The same could be confirmed from the latest comments of the RBA officials and make it important for the policy hawks to step back.
- Strategists at TD Securities expect XAUUSD to trade lower on further real rate increases before rallying later in 2023.
- Speculation and pricing related to demand is mainly influenced by many of the same major news releases noted above, plus commodity inventory reports and outlooks.
- BTCUSD trades in a narrow range at around $16,700 in the European morning.
- The New Zealand Dollar has been under pressure for much of this year.
Depending upon your individual needs, many of these options may be viable alternatives. Markets Cheer As Inflation Beast RetreatsIn a welcome development for financial markets, the annual inflation rate in the United States slowed to 7.7% in October, the lowest level since Janua… Positivity continues to help risk and hurt US dollarWe’ve seen a positive feedback loop develop over the last few days after the weaker than expected US inflation figures gave a huge DotBig review and historic boos… In a welcome development for financial markets, the annual inflation rate in the United States slowed to 7.7% in October, the lowest level since January. We show you the best graphs so you can have a complete analysis of all the markets. You can also follow live cryptocurrency prices measured against different currencies and other cryptos on our live rates tab. FXStreet has all the news about the currency and commodity markets in real-time.
In doing so, the Indian Rupee pair cheers downbeat prints of India’s retail inflation, as well as the US Dollar’s recovery amid mixed concerns. The UK Average Earnings released by the Office for National Statistics https://mokoweb.com/dotbig-ltd-review-all-that-you-need-to-know-pros-and-cons/ is a key short-term indicator of how levels of pay are changing within the UK economy. Generally speaking, positive earnings growth anticipates positive for the GBP, whereas a low reading is seen as negative .
Furthermore, the Covid woes and recently firmer US Treasury yields also keep the XAUUSD bears hopeful as markets brace for the key US Producer Price Index and Retail Sales for October. The US Dollar comes under some renewed selling pressure amid rising bets for a less aggressive policy tightening by the Fed. In fact, Fed fund futures are now pricing in a 91% chance of a 50 bps rate hike at the next FOMC meeting in December. This, along with a generally positive tone around the equity markets, is seen as another factor weighing on the safe-haven buck and exerting some downward pressure on the USDCAD pair. As the market mood improves early Tuesday, the US Dollar is having a difficult time building on Monday’s modest recovery gains. Reflecting the risk-positive market environment, US stock index futures are up between 0.4% and 0.7% in the European morning.