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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Analysis]: Trump suddenly "turned around" and reduced his confidence! The US dollar is moving towards its longest consecutive decline in eight years." Hope it will be helpful to you! The original content is as follows:
On May 27, the US dollar (USD) benefited from an improvement in risk sentiment earlier on Tuesday, while U.S. trading conditions returned to normal after a three-day weekend. The European vifu.netmission will release business and consumer confidence data for May. Later that day, the U.S. Economic Calendar will release April durable goods orders and May CB Consumer Confidence Index data.
The U.S. dollar index fell slightly on Monday as the market took a cautious stance at the beginning of the week. In early European session on Tuesday, U.S. stock index futures rose more than 1% on the day, and the U.S. dollar index rebounded to 99.50, reflecting a positive shift in risk sentiment.
Euro/USD is still under moderate bearish pressure, trading around 1.1350 in the early trading of Europe. German data on Tuesday showed that GfK's consumer confidence index rose slightly from -20.8 to -19.9 in June. This data is worse than the market expectation -19.7.
During Asian trading hours, Bank of Japan (BoJ) Governor Kazuo Ueda admitted they were closer to inflation targets than at any time in the past few decades, but added that they have not fully reached their targets. “In view of the increasing uncertainty, especially those related to trade policy, we have recently lowered our economic and inflation outlook,” Ueda added. The U.S. dollar/yen rose in early Tuesday after a slight gain on Monday, trading above 143.50.
GBP/USD lost traction after a slight increase on Monday and traded in the negative area below 1.3550.
NZD/USD turned down on Tuesday, trading below 0.6000. Reserve Bank of New Zealand (RBNZ)Monetary policy decisions will be announced on Wednesday during the Asian session. The New Zealand Fed is expected to lower its policy interest rate by 25 basis points.
Gold struggles to find demand as a safe haven and continues to fall to $3,300 after a slight decline on Monday.
Euro: Euro/USD is expected to rise further, with the 1.1255 support level remaining unchanged. The correction from 1.1572 should be vifu.netpleted in 1.1064. From there, the rebound should first aim at 1.1572. The decisive breakthrough will resume a larger uptrend, forecasting 61.8% of 1.0176 to 1.1572 from 1.1064 to 1.1927. However, from the downside, breaking through 1.1255 will turn the bias back to the downside, extending the correction mode with another downside line.
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