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Hello everyone, today XM Forex will bring you "[XM Group]: The US dollar continues to decline, and gold falls from historical highs." Hope this helps you! The original content is as follows:
On October 17, gold’s impressive rally remained uninterrupted, with the precious metal soaring to a record high well above $4,300. Meanwhile, the U.S. dollar continues to weaken against other currencies amid uncertainty over U.S.-China relations and the ongoing government shutdown. The U.S. economic calendar will release September industrial production data on Friday.
Gold benefited from safe-haven flows amid a risk-averse market sentiment and was poised to gain momentum on Thursday. Concerns about the lending practices and quality of U.S. regional banks have resurfaced, weighing heavily on Wall Street's major stock indexes and dragging the benchmark 10-year U.S. Treasury yield to its lowest level since early April, below 4%, helping gold/dollar higher. Gold prices held modest daily gains around $4,350 early on Friday, while the U.S. dollar index edged lower at 98.00, down about 0.7% since Monday. Meanwhile, U.S. stock futures were last down 0.6% to 0.9%, reflecting worsening risk sentiment.
French Prime Minister Sébastien Lecornu survived two no-confidence votes. With this development, Le Cornu will hold a parliamentary debate on next year's budget and try to approve it before the end of the year. After closing in the green over the previous three sessions, EUR/USD held its ground early on Friday and edged higher on the day above 1.1700. Later in the session, Eurostat will publish revisions to its Harmonized Index of Consumer Prices (HICP) data for September.
GBP/USD benefited from selling pressure surrounding the greenback, climbing above 1.3450 on ThursdayA new high on the 10th. In early European trading on Friday, the pair was still in a consolidation phase, sitting around 1.3450. Bank of England (BoE) chief economist Huw Pill and policymaker Megan Greene are due to speak later in the day.
USD/JPY remains under heavy bearish pressure for the fourth consecutive day and is headed towards 149.50, a daily loss of more than 0.5%.
Gold stabilized after good two-way price action on Friday and was just below the $4,350 level during the first half of the European session.
EUR: The intraday bias of EUR/USD currently remains neutral. Further losses are still expected, with resistance at 1.1778 intact. On the downside, a break above 1.1540 will resume the decline from 1.1917 to 1.1390, or fall further to 1.1252, the 38.2% retracement of 1.0176 to 1.1917. However, a firm break above 1.1778 would indicate that the pullback from 1.1917 is zgykf.cnplete and bring about a retest of that high.
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