This is what you need to know to trade today Thursday, December 2:
Major currency pairs struggled to make a decisive move in either direction on Wednesday, as investors paid little to no attention to high-level data releases from the United States. The president of the FOMC, Jerome Powell, reiterated his observations on the prospects for monetary policy on the second day of his testimony. Ahead of Friday’s November jobs report, weekly data from the initial unemployment claims will stand out on the American economic calendar. Eurostat will publish the figures for the unemployment rate for October and the producer price index.
While testifying before the House Financial Services Committee, Powell reiterated that it was appropriate to consider a more rapid reduction of the asset purchase program and noted that they should leave out the word “transitory” when describing inflation. Despite Powell’s upbeat tone, the 10-year US Treasury yield lost nearly 3% on Wednesday before staging a rebound early Thursday. The 10-year yield is currently up 2.5% to 1.45%, helping the USD remain resilient against its rivals. The US dollar DXY index, which measures the dollar’s performance against a basket of the six major currencies, is moving sideways near 96.00.
Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, said Thursday that Americans do not need to alter their travel plans after detecting the Omicron variant in the United States. However, several pieces of news suggest that travelers will have to wear masks on planes, trains and buses until mid-March. However, US stock index futures are moving into positive territory at the start of the European session, suggesting that market sentiment is likely to remain bullish in the second half of the day.
The EUR/USD It fluctuated in a narrow range above 1.1300 on Wednesday and continues to move sideways into the early hours of Thursday.
The GBP/USD it closed in negative territory on Wednesday and appears to have entered a consolidation phase around 1.3300.
The USD/JPY They are moving higher on the back of rising US Treasury yields on Thursday, up 0.5% on the day and trading at 113.25 at time of writing.
The price of oro It rallied above $ 1,790 at the start of the American session on Wednesday, but returned much of its daily gains before closing at $ 1,782. At the time of writing, the XAU / USD is making small losses at $ 1,776.
Cryptocurrencies: The Bitcoin it remains near $ 57,000 after losing its recovery momentum before hitting $ 60,000 on Wednesday. The Ethereum it retreated to the $ 4,500 area after breaking a four-day winning streak on Wednesday.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
