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Hello everyone, today XM Forex will bring you "[XM Forex]: Sino-US trade optimism before the Federal Reserve meeting, the U.S. dollar weakened, gold fell below and hovered above 3900." Hope this helps you! Original content is as follows:
Market sentiment remained upbeat in early trading on Tuesday, with gold extending its losses as investors cheered news of a U.S.-Japan trade deal while remaining optimistic about a Sino-U.S. deal. The U.S. economic calendar will release October consumer confidence data from The Conference Board and August housing price index data.
U.S. President Donald Trump met Japan's new Prime Minister Sanae Koichi early on Tuesday and signed a framework agreement to secure supplies of critical minerals and rare earths. Trump also signed separate agreements with Malaysia and Canton, in addition to framework trade agreements with Thailand and Vietnam. Wall Street's major indexes posted strong gains on Monday, with the S&P 500, Nasdaq jq.xmxmxm.cnposite and Dow Jones Industrial Average all closing at record highs. U.S. stock index futures were mixed in early trading Tuesday. Meanwhile, the U.S. dollar index remains under mild bearish pressure below 99.00 after closing slightly lower on Monday.
EUR/USD held its ground after rising slightly on Monday and was trading around 1.1650 during the European session on Tuesday. Earlier in the day, data from Germany showed that the GfK consumer confidence index fell to -24.1 in November from -22.5 in October.
GBP/USD held on to modest gains around 1.3350 in early European trade after closing in positive territory on Monday and ending a six-day losing streak.
AUD/USD rose more than 0.6% on Monday after a bullish gap at the open. On Tuesday, the pair remained in a consolidation phase around 0.6550. In early Asian trading on Wednesday, investors will pay close attention to AustraliaAustralian inflation data for the third quarter.
After rising above 153.00 on Monday, USD/JPY reversed direction during the Asian session on Tuesday. At press time, the pair was trading just below 152.00, down about 0.5% on the day. Japanese Economy Minister Minoru Kinuchi reiterated on Tuesday that it is important for foreign exchange trends to reflect fundamentals and remain stable.
After rising above $4,000 during the session, gold prices fell for the third consecutive day and, as of now, are hovering around 3,900.
Euro: The intraday bias for EUR/USD remains neutral as range trading continues. On the downside, a break below 1.1540 would resume the decline from 1.1917, targeting the 1.1390 support, and even further down to 1.1252, the 38.2% retracement of 1.0176 to 1.1917. 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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