The US Dollar sinks over 1% against the Japanese Yen. Traders brace for jobless claims and Challenger Job Cuts data. The US Dollar Index could close above 104.00, on track to return to October levels.
EUR/USD came under heavy bearish pressure and declined to its weakest level in three weeks below 1.0750 on Friday after the stronger-than-expected Nonfarm Payrolls data. Week-end flows, however, helped the pair erase its daily losses.
GBP/USD recovered toward 1.2550 after coming in within a touching distance of 1.2500 in the second half of the day after Nonfarm Payrolls came in at 199,000 for November. Despite the recent rebound, the pair remains on track to snap a three-week winning streak.
USD/JPY is extending recovery above 144.00 in Friday's European trading. The pair is finding reprieve from downbeat Japan's Q3 GDP data, which checked the Yen's towering rally against the US Dollar amid hints of BoJ's policy pivot. US NFP awaited.
Gold broke below its daily range and declined toward $2,010 with the immediate reaction to the upbeat US November jobs report. Although XAU/USD managed to recover toward $2,020, rising US Treasury bond yields triggered another leg lower.
WTI prices rebound to $70.85 after hitting the the six-month lows. Saudi Arabia and Russia called on all OPEC+ members to join an agreement on production cuts for the stability of global oil markets. China’s Crude oil Imports declined 9% year on year in November. Oil traders await the US Nonfarm Payrolls report on Friday.
US Dollar Index on Wikipedia
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When I write the Online Trading Academy Forex newsletter, I give my opinion about what I believe is happening to the currencies of the world based on the news I hear, the experts I follow, and my personal experiences of the economic cycles I have seen in the past. This fundamental information helps me understand what reports and indicators the economists of the world believe will shape future events.
Have you watched the US Dollar Index (USDX) Futures contract trade during the day? Do you notice that with each price change the intervals are always a minimum tick of .005? And then at the end of the day when you look at your daily candle of the USDX you see a closing price like 97.197.
Over the last few months especially, there’s been a lot of focus in the world of Currency Trading upon the state of the US Dollar. No matter what your opinion is of the Greenback, it is still, without question, regarded as the world’s primary reserve currency and holds its weight of recognition across the board.
