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Summary
Forex traders are always eager to ride a new trend from the very beginning. To do that it’s necessary to spot the moment when the previous trend reverses. However, it may be really tricky to distinguish reversal from a mere correction. Elizabeth Belugina, the Head of Analytics at FBS, will provide some solutions to this problem.
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EUR/USD hovers above 1.0500 amid French political jitters
EUR/USD is trading modestly flat above 1.0500 in the early European morning on Wednesday. The pair gyrates in a familiar range amid a broadly stable US Dollar and French political uncertainty, as the government faces a no-confidence vote in a busy day ahead.
GBP/USD clings to gains below 1.2700 ahead of Bailey's speech
GBP/USD is consolidating gains below 1.2700 in early European trading on Wednesday. Traders refrain from placing fresh bets ahead of speeches from BoE Governor Bailey and Fed Chair Powell later in the day. US ADP Jobs and ISM Services PMI data are also awaited.
Gold price slides below $2,640, fresh daily low ahead of Fed Chair Powell's speech
Gold price attracts some sellers following an intraday uptick to the $2,650 supply zone and hits a fresh daily low during the first half of the European session on Wednesday. The precious metal, however, remains confined in a familiar range held over the past week or so as traders seem reluctant to place aggressive directional bets ahead of Fed Chair Jerome Powell's speech.
ADP report expected to show US private sector job growth cooled in November
The ADP Employment Change report is seen showing a deceleration of job creation in the US private sector in November. The ADP report could anticipate the more relevant Nonfarm Payrolls report on Friday.
The fall of Barnier’s government would be bad news for the French economy
This French political stand-off is just one more negative for the euro. With the eurozone economy facing the threat of tariffs in 2025 and the region lacking any prospect of cohesive fiscal support, the potential fall of the French government merely adds to views that the ECB will have to do the heavy lifting in 2025.
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