fxs_header_sponsor_anchor

News

Forex Today: Markets continue to digest Trump’s win and the Fed’s rate cut

The Greenback came under pressure as investors cashed out part of Wednesday’s “Trump trade” robust gains, while the Fed delivered a largely telegraphed 25 bps rate cut and Chief Jerome noted that inflation keeps heading towards the 2% target.

Here is what you need to know on Friday, November 8:

Following Wednesday’s climb to multi-month tops, the US Dollar Index (DXY) gave away part of those gains amidst a widespread profit-taking session as investors continued to digest Trump’s win and the Fed’s rate cut. The advanced Michigan Consumer Sentiment will take centre stage ahead of the speech by the Fed’s Bowman.

EUR/USD managed to reverse part of Wednesday’s “Trump trade” steepsell-off, coming just short of the key 1.0800 barrier. The ECB’s McCaul and Cipollone are due to speak.

In line with the broad-based resurgence of the buying interest in the risk complex, GBP/USD recouped part of the ground lost on Wednesday, retargeting the key 1.3000 hurdle. The RICS House Price Balance will be published along the speech by the BoE’s Pill.

USD/JPY could not sustain the earlier advance to multi-week tops around 154.70, eventually retreating to the mid-153.00s on the back of the renewed offered bias in the US Dollar and diminishing US yields. Household Spending, the weekly Foreign Bond Investment figures and the flash Coincident Index and the Leading Economic Index are expected at the end of the week.

AUD/USD gathered strong pace and rapidly left behind Wednesday’s sharp retracement, reaching new multi-day highs near 0.6670. The RBA’s Jones is due to speak.

WTI prices added to Wednesday’s losses and challenged the $70.00 mark per barrel as traders kept digesting Trump’s win and assessing lower crude oil imports from China.

Gold prices rebounded from Wednesday’s Trump-led sharp pullback and approached the key $2,700 mark per ounce troy amidst a weak Greenback and lower US yields. Silver prices followed suit and quickly left behind recent lows in the sub-$31.00 mark per ounce.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.