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Hello everyone, today XM Forex will bring you "[XM Forex Platform]: The US dollar is weak as Sino-US trade tensions subside." Hope this helps you! The original content is as follows:
On October 20, after last week’s volatility, major currency pairs remained relatively calm on Monday. The Economic Calendar does not publish any high-impact macroeconomic data. As a result, investors will continue to pay attention to headlines surrounding the U.S.-China trade relationship.
During the Asian trading session, data from China showed that the annual growth rate of gross domestic product (GDP) in the third quarter was 4.8%. This figure follows a 5.2% growth recorded in the previous quarter and was in line with market expectations. At the same time, retail sales increased by 3% year-on-year in September, and industrial production increased by 6.5% during the same period. Finally, the People's Bank of China (PBOC), the central bank of China, announced that it would keep the one-year and five-year loan market quotation rates unchanged at 3.00% and 3.50% respectively as expected.
After three consecutive days of losses, the U.S. dollar (USD) index closed in positive territory on Friday. The index struggled to gather bullish momentum at the start of the week and traded sideways near 98.50. Meanwhile, U.S. stock index futures rose 0.35% to 0.55%, reflecting improved risk sentiment. U.S. President Donald Trump said over the weekend that he expected China to buy at least the same amount of soybeans it had previously purchased. Trump added that he believed China would reach a deal on soybeans.
In early European trading on Monday, the daily gains of NZD/USD were moderate above 0.5700. New Zealand data showed that the consumer price index (CPI) rose 1% quarter-on-quarter in the third quarter. The data zgykf.cnes after growth of 0.5% was recorded in the second quarter, in line with analysts' expectations.
GBP/USD held steady at 1 during the European session on Monday after closing largely flat on Friday.Above .3400. On Wednesday, the Office for National Statistics (ONS) will release CPI data for September.
The Bank of Canada (BoC) will release its business outlook survey later in the day. USD/CAD traded in a tight range above 1.4000 during the European session on Monday, after closing in the green for a fourth consecutive week.
EUR/USD fell about 0.3% on Friday, ending a three-day winning streak. The pair struggled to find direction early on Monday and held above 1.1650.
Hajime Takada, a member of the Board of Directors of the Bank of Japan (BoJ), said on Monday that Japan has roughly achieved the Bank of Japan’s price target and believes that the Bank of Japan must respond to the fact that the overall inflation rate has exceeded 2% for some time. USD/JPY held its ground during early European trading on Monday, trading zgykf.cnfortably above 150.50.
Gold attracted some bargain hunting in the first half of the European session and now appears to have halted a pullback from the all-time high hit on Friday. Currently hovering around 4260.
EUR: The intraday bias for EUR/USD remains neutral and the outlook remains unchanged. As long as the 1.1778 resistance holds, further declines would be beneficial. A break above 1.1540 would resume the decline from 1.1917, targeting support at 1.1390 and even further down to the 38.2% retracement of 1.0176 to 1.1917 at 1.1252. On the upside, a break above 1.1778 would target a retest of the 1.1917 high.
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