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This week, the UK Office for National Statistics may report a significant decline in Claimant Count Change by 12.6k against an increment of 25k reported earlier. The catalyst that will be critical for households will be the Average Earnings data, which is seen stable at 6%. Inflationary pressures in the UK economy have not displayed Forex news signs of exhaustion yet and subdued earnings may not offset inflated-payouts comfortably. After mixed UK Gross Domestic Product figures released on Friday, investors are shifting their focus toward the payrolls data, which is due on Tuesday. While the monthly growth figure contracted by 0.6% against 0.4% contraction as expected.

FOMC short: Dovish statement, hawkish Powell

Investors will further take cues from the BoE’s Monetary Policy Report Hearings on Wednesday and Chancellor Jeremy Hunt’s Autumn Statement on Thursday. This will play a key role in influencing the near-term sentiment surrounding the GBP and determine the next leg of a directional move for the EURGBP cross. In the meantime, spot prices seem more likely to consolidate in a range amid absent relevant market-moving economic releases, either from the Eurozone or the UK. That said, the latest optimism over an eventual scaling back of COVID-19 measures in China could help limit losses for crude oil prices.

  • From current levels, the multi-month high, around the $22.05 region, could act as an immediate hurdle.
  • Overall, USDJPY remains on the bear’s radar despite the latest corrective bounce.
  • Rebounding US bond yields revive the USD demand, though fail to provide any meaningful lift.
  • Valmont Industries, Inc. announced Monday that the Company has entered into a definitive agreement to sell its offshore wind business to Euro Steel, a Denmark-based supplier of steel products to the European wind market.
  • You only need one hand to count the number of times that US Dollar Index has fallen 4% in a single week.

Get the latest news and insights straight from FXTM’s in-house market analysts. Our team explain the price movements of the global markets, giving you the in-depth knowledge you need to place your next trade with confidence.

Commitment of traders report (COT): Dollar bets are losing steam

Market sentiment sours amid a light calendar as traders remain cautious ahead of the key gathering of the Group of 20 Nations in Bali, starting from Monday. Also testing the previous optimism were the latest comments from US President Joe Biden, Federal Reserve Governor Christopher Waller and the International Monetary Fund . The global rating giant now expects India’s Gross Domestic Product to grow 7.0% in 2022 versus 7.7% in previous forecasts. Forex news Moody’s also expected GDP growth to deteriorate to 4.8% in 2023 before recovering to 6.4% in 2024. It should also be noted that the Reserve Bank of India expects India to grow by 7.0% in 2022. CME Group’s flash data for gold futures markets noted traders added around 12.7K contracts to their open interest positions on Friday, reaching the 5th consecutive daily build. Volume, instead, remained choppy and shrank by around 98.3K contracts.

Eurostat will publish September Industrial Production data and the US economic docket will not feature any high-impact macroeconomic data releases. Nevertheless, investors will pay close attention to comments from US Federal Reserve officials, including Vice Chair Lael Brainard and NY Fed President John Williams. Recent examples include the Greek debt crisis and China market turmoil. News related to market sentiment can also influence currency trading, particularly those considered to be safe havens, including the commodity gold, as well as major currencies USD, JPY and CHF.

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