Rejection of resistance and potential for the further drop...
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AUD/USD tumbles to 0.6450 amid weak Australian Q3 GDP and Chinese PMI
AUD/USD is under intense selling pressure, testing 0.6450 early Wednesday. The pair bears the brunt of weaker Australian Q3 GDP data, disappointing Chinese Caixin Services PMI and US-Sino trade worries. Focus shifts to more US data and Powell's speech.
USD/JPY consolidates the uptick to near 150.10
USD/JPY is back below 150.00 in Wednesday's Asian session, struggling to extend the latest leg higher as bets for a December BoJ rate hike underpin the the Japanese Yen. However, the downside remains capped amid increased haven demand for the US Dollar on growing tariff war fears.
Gold price traders await Powell's speech for rate cut cues
Gold price extends its sideways consolidative move during the Asian session on Wednesday as traders opted to wait for Fed Chair Jerome Powell's speech. Apart from this, the US NFP report on Friday might provide cues about the interest rate outlook in the US and provide a fresh impetus to the non-yielding XAU/USD.
Paul Atkins shows reluctance to replace SEC Chair Gary Gensler
Paul Atkins, regarded as a leading candidate to succeed Gary Gensler as Chairman of the Securities & Exchange Commission, has reportedly expressed a lack of enthusiasm for the position.
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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