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Forex Today: Gold falls from all-time highs; RBA in the spotlight

During the Asian session, the key event will be the Reserve Bank of Australia meeting. In China, the Caixin services PMI will be published, as well as the final PMIs. In the Eurozone wholesale inflation data will be published. In the United States, the JOLTS report and the ISM services PMI will be published.

Here’s what you need to know to trade today, Tuesday, December 5:

He dollar index (DXY) rose on Monday, posting the highest daily close since Nov. 23 on a volatile day. After starting the week under pressure, the dollar rebounded amid a commodities reversal, supported by a rise in Treasury yields. The DXY rose from 103.00 to 103.80, awaiting US data.

The US labor market data saga begins Tuesday with the JOLTS job openings report. Final PMI and ISM Services PMI will also be released. The ADP will be published on Wednesday, unemployment benefit claims on Thursday, and Non-Farm Payrolls on Friday. Next week is also busy with significant numbers and the FOMC meeting, so markets will not hear from Fed officials during these days.

In China, the Caixin services PMI for November will be published, and a modest recovery is expected from 50.4 to 50.8 points. A positive number could contribute to risk appetite, boosting the antipodean currencies AUD and NZD. Final global PMI data will also be published, which should not bring any major surprises.

He EUR/USD extended its decline from above 1.1000 and found support at 1.0800. The short-term bias remains bearish, but technical indicators offer signs of consolidation. Eurostat will publish the October Producer Price Index, which is expected to show an increase of 0.2%, with an annual rate that would go from -12.4% to -9.4%.

He USD/JPY rose from the lowest levels since September at 146.20 to 147.35, driven by rising Treasury yields. The short-term trend remains bearish. The Tokyo Consumer Price Index will be published on Tuesday.

The Swiss Franc weakened after Swiss inflation data showed a 0.2% decline in the November Consumer Price Index, putting the annual rate at 1.4%, below the previous 1.7% and the expected 1.6%. . USD/CHF had its best day in weeks, recovering from monthly lows to 0.8750.

He GBP/USD It found resistance again at the 1.2700 area and retreated. The pair continues to trade sideways between 1.2700 and 1.2600, currently closer to the lower boundary.

He AUD/USD fell from monthly highs affected by the strengthening of the Dollar and the fall in raw materials. The pair faces increasing resistance as it approaches 0.6700; On the downside, the 200-day SMA at 0.6580 looms as key support. The Reserve Bank of Australia (RBA) will hold its monetary policy meeting, and no changes in rates are expected. The latest report on the labor market will also be published, as well as the current account balance for the third quarter.

After reaching an all-time high, the Gold It retreated sharply, falling to $2,020. From the high, it went down more than $100. The decline could continue, especially if the price falls below $2,010, which would indicate that the selling pressure remains intense. Silver lost 3.75% on Monday, after a 5% drop from the multi-month high it reached after the weekly open; the XAG/USD pair finished around $24.50. The near-term outlook for metals is mixed, with volatility likely to remain high.

Bitcoin surpassed $40,000 for the first time this year; BTC/USD is approaching $42.00 with positive momentum intact, which has not been affected by the metals reversal and the strengthening of the Dollar.


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Source: Fx Street

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