Each morning, the People’s Bank of China sets a so-called daily midpoint fix, based on the yuan’s previous day’s closing level and DotBig broker quotations taken from the inter-bank dealer. Chinese markets are tanking on the risk of the Chinese Communist Party losing power.
- Elsewhere, Coronavirus fears in China joined the protest against the government’s Zero-Covid policy to add to the market’s woes.
- Currently trading just above the $1,760 level, the XAU/USD is now looking to build on last week’s goodish bounce from the $1,725 region amid the emergence of fresh US Dollar selling.
- The euro hit a six-month high against the dollar but later slipped back amid uncertainty over next month’s French parliamentary elections.
- Traders can perform company analysis before deciding whether to invest in a stock.
- Technically, a convergence of the 100-Day Moving Average and an upward-sloping support line from November 04, around 0.6690, restricts the short-term AUD/USD downside.
- In the same line, volume remained choppy and went down by around 49.2K contracts.
As with other asset classes, forex trading news can become particularly active before and following major economic events. However, there are significant differences between the type of news that sets apart currencies from other financial markets. Looking Forex forward, Australia’s Retail Sales for October, expected 0.4% versus 0.6% prior, will act as an immediate catalyst for the AUD/USD pair. Coronavirus fears in China joined the protest against the government’s Zero-Covid policy to add to the market’s woes.
Forex Trading Signals
You will have access to a demo account straight away to practise with virtual funds before depositing funds and placing live trades. Social unrest over COVID-19 lockdown measures in China sends riskier assets into negative territory, as fears build over renewed global supply disruption. According to pre-election estimates, Republicans can regain control of at least one of the chambers. Get commentary on the DotBig.com Forex and Currencies markets from industry experts. Our goal is to provide traders with all the information and tools they need to trade successfully. Our team of professional traders has been testing Forex brokers for over 12 years and has helped millions of traders find the right broker. Find the approximate amount of currency units to buy or sell so you can control your maximum risk per position.
The flight to safety, along with growing acceptance of a less aggressive policy tightening by the Fed, continue to drag the US Treasury bond yields lower. This results in the further narrowing of the US-Japan rate differential, which provides an additional lift to the Japanese Yen. That said, a modest US Dollar strength extends some support to the USD/JPY pair.
Week Ahead in FX (Nov 28- Dec : Spotlight Back on U.S. NFP, Central Banks’ Tightening Plans
All services and products accessible through the site /markets are provided by FXCM Markets LLC with registered address First Floor, First St. Vincent Banking Ltd Building James Street Kingstown St. Vincent and the Grenadines. FXCM Markets is not required to hold any financial services license or authorization in St Vincent and the Grenadines to offer its products and services. Trade popular currency pairs and CFDs with Enhanced Execution and no restrictions on stop and limit orders. The US Dollar moved higher across the board on Friday https://shiftedmag.com/dotbig-ltd-review/ in what was otherwise a quiet session following the US Thanksgiving holiday. It’s worth noting that the People’s Bank of China’s cutting of the Reserve Requirement Ratio by 25 basis points effective from December 5 joins the Covid woes to also propel the USD/CAD prices. AUD/JPY is seeking support around 93.50 after China’s anti-Covid locking protest hit the streets. Reserve Bank of Australia’s governor, Philip Lowe expects rising rental pressure over the next year and he worries about the housing supply as the population grows.
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