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Forex Today – Asian session: Dollar indecisive, Gold extends its fall

During the Asian session, the Bank of Japan will publish the Opinion Summary. We will report China’s inflation figures, which may influence market sentiment. Later, the weekly report on jobless claims in the United States will be published.

Here’s what you need to know on Thursday, November 9:

The US dollar had mixed results on Wednesday, gaining ground against the euro and sterling but strengthening against riskier currencies. The US Dollar Index (DXY) reached a high of 105.80 before retracing and falling to 105.55.

With no significant economic reports, the Treasury market had a quiet session. The 10-year Treasury yield fell to 4.50%. Wall Street ended the day little changed after major indices hit new weekly all-time highs.

The weekly jobless claims report will be released on Thursday. Later, Federal Reserve (Fed) Chairman Jerome Powell will participate in a roundtable titled “Monetary Challenges in a Global Economy.” At the moment it is not clear if Powell will provide anything new. The next key report in the US will be the Consumer Price Index on November 14.

China will publish the October Consumer Price Index and Producer Price Index on Thursday. These figures will be closely monitored.

The EUR/USD pair posted modest gains after bouncing off the 55-day SMA around the 1.0700 area during the American session. The European Central Bank (ECB) will publish its economic bulletin.

The GBP/USD pair hit three-day lows, but then pared losses and rose to 1.2300. The Pound also lost ground against the Euro, and he EUR/GBP surpassed 0.8700. UK growth data will be released on Friday.

The USD/JPY pair rose for the third day in a row, to 151.00, despite falling government bond yields and a mixed tone on Wall Street. On Thursday, the Bank of Japan will publish the summary of views from the monetary policy meeting held on October 30 and 31.

USD/CAD rose for the third day in a row, testing levels above 1.3800, driven by a stronger US dollar and lower crude oil prices, which fell more than 2%. WTI crude oil fell to $75.50, the lowest level since July.

Antipodean currencies retreated during the American session, with AUD/USD falling to test 0.6400 and NZD/USD approaching 0.5900.

Gold remains under pressure, trading below $1,950 and below the 20-day simple moving average, reaching its lowest level since October 19. The yellow metal did not benefit from the decline in Treasury yields. The Silver ended the day flat at $22.50, after being dragged down by the fall in Gold.

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Source: Fx Street

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