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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market Analysis]: Profits are buried under historical highs, and the US dollar is rising strongly". Hope this helps you! Original content below:
The Australian dollar remained under bearish pressure early on Tuesday as investors assessed the Reserve Bank of Australia's (RBA) monetary policy announcement. In the second half of the day, market participants will pay close attention to vifu.netments from central bank officials from major economies.
The Reserve Bank of Australia announced on Tuesday that it would keep its policy rate unchanged at 3.6%, as widely expected. The Reserve Bank of Australia noted in its policy statement that it expects adjusted average inflation to average 3.2% by mid-2026, falling to 2.7% by December 2026, and to 2.6% by the end of 2027. Speaking about the policy outlook at a post-meeting press conference, RBA Governor Michelle Bullock said they were not considering a rate cut at this meeting, but added that it was an open question whether there would be further rate cuts. AUD/USD continued to be on the back foot during the European session, falling towards 0.6500, down more than 0.4% on the day.
U.S. data on Monday showed that the Institute for Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) fell to 48.7 in October from 49.1 in September. The PMI survey's employment index rose to 46 from 45.3 in the period, while the price-to-price index fell to 58 from 61.9. After modest gains on Monday, the U.S. dollar index climbed to its highest level since early August during the Asian session on Tuesday, above 100.00, before pulling back to 99.70. Meanwhile, U.S. stock index futures fell 0.7% to 1.4% in early European trading on Tuesday, reflecting the market's risk aversion.
EUR/USD continued its decline in early trading on Tuesday, falling slightly below 1.1500 and hitting its lowest level in three months. Early European session, the currency pair pulled back higher, trading around 1.1530. ECB President Christine Lagarde and ECB policymaker Joachim Nagel are scheduled to speak later in the day.
GBP/USD struggled to gain traction after a choppy session on Monday, trading below 1.3150. The Bank of England (BoE) will announce its monetary policy decision on Thursday.
Japanese Prime Minister Takaichi Sanae said on Tuesday that Japan is still halfway toward achieving the Bank of Japan's (BoJ) price target on a sustained basis. USD/JPY turned lower during the European session on Tuesday, trading below 153.50, with a daily decline of more than 0.5%.
Gold found it difficult to benefit from the risk-averse market environment and fell slightly to below US$4,000 that day.
Euro: The intraday bias for EUR/USD currently remains moderately downward. The target for the decline from 1.1917 should be 100% forecast of 1.1917 to 1.1540 and from 1.1727 to 1.1350. A decisive breakout would accelerate the downside to 1.1252, the 38.2% retracement of 1.0176 to 1.1917. On the upside, minor resistance above 1.1576 will turn neutral, bringing consolidation first and then another decline.
The above content is all about "[XM Foreign Exchange Market Analysis]: Profit taking is buried at new historical highs, and the US dollar is rising strongly". It is carefully vifu.netpiled and edited by the XM foreign exchange editor. I hope it will be helpful to your trading! Thanks for the support!
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