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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market qphgm.cnmentary]: The U.S. dollar index fell below the 100 mark, and the U.S. labor market is full of fog." Hope this helps you! The original content is as follows:
On November 7, in early Asian trading on Friday, Beijing time, the U.S. dollar index was hovering around 99.72. On Thursday, the U.S. dollar index continued to fall during the day, falling below the 100 mark, and expanded its losses during the U.S. trading session, finally closing down 0.45% at 99.67. The benchmark 10-year U.S. Treasury yield finally closed at 4.088%, and the 2-year U.S. Treasury yield, which is sensitive to the Fed's policy rate, closed at 3.570%. Spot gold was on a "roller coaster". It once returned to above US$4,010 during the European trading session. However, before the US trading session, the price of gold plunged sharply, then wiped out all the gains during the day and turned down. It finally closed down 0.05% to close at US$3,977.17 per ounce; spot silver finally closed up 0.03% at US$48.01 per ounce. As the market is still worried about oversupply, crude oil fell for the fourth consecutive day. WTI crude oil once returned to above the $60 mark during the European trading session, but then quickly fell back and accelerated its decline before the US trading session, erasing all gains during the day. It finally closed down 0.13% at US$59.40/barrel; Brent crude oil finally closed down 0.18% at US$63.21/barrel.
U.S. dollar index: As of press time, the U.S. dollar is hovering around 99.72. The latest U.S. non-farm payrolls (NFP) numbers will be released on Friday, however the longest government shutdown in U.S. history has limited the flow of official data sets. Even though private data releases tend to produce volatile results between releases, investors still default to paying more attention to private data releases. Results from the University of Michigan Survey of Consumer Sentiment and Consumer Inflation Expectations are still due for release on Friday, and they could become even more qphgm.cnplicated for investors who miss out on meaningful government-level inflation and labor indicators.More important. Technically, if the U.S. Dollar Index falls below the 50 EMA at 99.54, it will head towards the nearest support, which is located in the 98.85–99.00 range.
In the Asian market on Friday, gold hovered around 3992.36. Gold edged higher amid a weaker dollar and renewed safe-haven demand. Traders awaited preliminary readings from the University of Michigan Consumer Sentiment Survey due later on Friday. Concerns about a prolonged U.S. government shutdown and uncertainty over the legality of tariffs could boost safe-haven flows, supporting gold prices. The U.S. government shutdown has entered its sixth week, and there appears to be no end in sight to the stalemate. The Senate currently does not plan to vote on Thursday on the House-passed measure to reopen the government, after the bill failed to advance for the 14th time on Tuesday.
On Friday’s Asian session, crude oil was trading around 59.53. West Texas Intermediate (WTI) crude extended losses for a third straight day on Wednesday, falling below the key $60.00 per barrel mark and hitting a one-week low after the latest report from the U.S. Energy qphgm.cnrmation Administration (EIA) showed a larger-than-expected build in inventories.
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