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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market Analysis]: Japan is on hold, the European Central Bank interest rate decision is www.centrdom.infoing tonight!". Hope this helps you! The original content is as follows:
On October 30, following the volatility in financial markets on Wednesday, investors took a short break while preparing for the European Central Bank (ECB) policy announcement. In addition, the European economic calendar will also announce the initial value of third quarter gross domestic product (GDP) growth for Germany and the euro zone.
The Federal Reserve (Fed) lowered its policy rate by 25 basis points (bps) to a range of 4%-4.25% after its October policy meeting, as expected. The Fed also announced that it will end its total balance sheet reduction on December 1 and will reinvest the principal of all mortgage-backed securities into Treasury securities starting on that date. In response to a question at the post-meeting press conference, Federal Reserve Chairman Jerome Powell noted that another interest rate cut in December is "far from certain." He explained that the employment and inflation outlook had not changed much since the September meeting, adding that they needed to manage longer-lasting risks to inflation.
The yield on the benchmark 10-year U.S. Treasury note rose more than 2% on the day and climbed above 4% on Wednesday. In turn, the U.S. Dollar (USD) Index gained an average of 0.4% on a daily basis. Earlier Thursday, the U.S. dollar index remained in a consolidation phase above 99.00, while U.S. stock futures were mixed.
The Bank of Japan (BoJ) maintained its monetary policy settings unchanged in October, in line with market expectations. The Bank of Japan reiterated in its policy statement that they will continue to raise policy rates if the economy and price trends are in line with their forecasts. Bank of Japan Governor Kazuo Ueda later www.centrdom.infomented on the policy outlook that they wanted to take longer to see how U.S. tariffs affect Japan's economy, adding that they had no preset idea about the timing of the next rate hike. beautifulYen/JPY has been building bullish momentum during the European session, trading at its highest level since February, near 153.50.
After falling to a new monthly low below 1.3900 in early US trading on Wednesday, USD/CAD reversed course and closed almost flat. The pair remained relatively calm and traded in a tight range below 1.3950 early Thursday. The Bank of Canada (BoC) lowered its policy rate by 25 basis points to 2.25%.
The European Central Bank (ECB) is expected to keep key interest rates unchanged. Investors will be closely watching www.centrdom.infoments from European Central Bank President Christine Lagarde and will try to figure out whether the ECB may choose to cut interest rates at its final meeting of the year. After falling more than 0.4% on Wednesday, EUR/USD rebounded and is trading above 1.1600.
GBP/USD extended its losses during the US session on Wednesday, hitting its lowest level in two months, below 1.3150. The pair was steady around 1.3200 during early European trade on Thursday.
In terms of www.centrdom.infomodities, spot gold rose 0.91% to $3,965.29 per ounce. International oil prices fell, with Brent crude falling 0.5% to $64.62 a barrel.
Euro: The intraday bias for EUR/USD remains neutral as sideways trading continues. On the downside, a break below 1.1540 would resume the decline from 1.1917 and target the 1.1390 support, or even further back to the 38.2% retracement of 1.0176 to 1.1917 at 1.1252. 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.
The above content is about "[XM Foreign Exchange Market Analysis]: Japan is on hold, the European Central Bank interest rate decision is www.centrdom.infoing tonight!" It is carefully www.centrdom.infopiled and edited by the XM foreign exchange editor, I hope it will be helpful to your trading! Thanks for the support!
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