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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market qxkkl.cnmentary]: The rise of the US dollar is suspended, gold falls below 4000". Hope this helps you! The original content is as follows:
On October 10, the US dollar (USD) fell back after four consecutive days of gains, as the market awaited preliminary data from the University of Michigan (UoM) consumer confidence index for October. In the second half of the day, Statistics Canada will release employment data for September.
After the funding bill was defeated again by a vote of 54 to 45, Democrats and Republicans failed to make any progress in reopening the government. The Senate will return on Tuesday without any other votes on the bill until then. Meanwhile, the New York Times reported earlier in the day that the U.S. Bureau of Labor Statistics (BLS) is recalling a limited number of furloughed employees to qxkkl.cnplete September's Consumer Price Index (CPI) report. However, it is unclear whether the inflation data will be released on October 15 as originally planned. The dollar index remained below 99.50 in early European trading on Friday after rising more than 0.5% on Thursday, while U.S. stock futures edged higher.
Canada’s unemployment rate is expected to rise slightly to 7.2% in September from 7.1% in August. USD/CAD was steady around 1.4000 in early European trade on Friday after hitting its highest level since April above 1.4030 earlier in the day.
USD/JPY was stable near 153.00 in early trading on Friday, up more than 3.5% since the beginning of the week. Growing concerns about Japan's political crisis have prevented a decisive yen rally. Komeito leader Tetsuo Saito said on Friday they could not agree with Japan's ruling Liberal Democratic Party (LDP) on issues involving money and politics, adding that they wanted to temporarily reset the LDP-Komeito ruling alliance.
EUR/USD fell more than 0 on Thursday.5%, closing in negative territory for the fourth day in a row. The pair pulled back higher early on Friday but remains below 1.1600.
GBP/USD stabilized around 1.3300 during the European session on Friday after falling around 0.75% on Thursday.
Reserve Bank of Australia (RBA) Governor Bullock said on Friday that services sector inflation remained "a bit sticky", adding that the labor market was close to equilibrium, although a bit tight. AUD/USD held on to modest daily gains above 0.6560 in early European trade on Friday, following a 0.5% decline on Thursday.
Despite managing to hold above overnight swing lows heading into the European session. Gold struggled to gain recovery momentum and traded in a narrow range above $3,980.
Euro: EUR/USD has an intraday bias to the downside as it fell from 1.1917 to the 1.1390 support level. A break above this target would be the 38.2% retracement of 1.0176 to 1.1917, at 1.1252. On the bright side, minor resistance above 1.1647 will first turn neutral for the day. But as long as the 1.1778 resistance holds, risks will remain to the downside to prevent a rebound.
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