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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Decision Analysis]: The US dollar returns from a three-week high, pay attention to PCE data tonight". Hope it will be www.xm-bx.comful to you! The original content is as follows:
On September 26, after a two-day rebound, the US dollar index was still in the consolidation stage below 98.50 in early trading on Friday. In the second half of the day, the U.S. Bureau of Economic Analysis (BEA) will release the personal consumption expenditure (PCE) price index data for August, which is the Fed's preferred inflation indicator.
The US dollar strengthened against other currencies during the US session on Thursday, boosted by the release of optimistic macroeconomic data. Durable goods orders rose 2.9% month-on-month in August, and Bank of East Asia revised its annualized GDP growth rate to 3.8% from a previously estimated 3.3%. In addition, the number of people who requested unemployment benefits per week fell from 232,000 in the previous week to 218,000. The U.S. dollar index rose more than 0.6% on Thursday, hitting its highest level since early September 98.60.
At the same time, U.S. President Donald Trump announced that they will impose 100% tariffs on imported brands or patented drugs starting October 1 unless pharmaceutical www.xm-bx.companies are building manufacturing plants in the United States. In addition, Trump said that starting from October 1, they will impose a 50% tariff on all kitchen cabinets, bathroom vanities and related products, and a 25% tariff on trucks. U.S. stock index futures rose slightly in early trading on Friday.
Japanese data earlier on Friday showed that Tokyo's consumer price index rose 2.5% year-on-year in September. This figure matches the increase in August and is in line with market expectations. Japanese trade negotiator Ryosei Akazawa said Friday that U.S. chip and pharmaceutical tariff rates will not exceed any of itsTax rates in other countries. Akazawa added that he will continue to analyze its impact once U.S. tariff measures are clear. The USD/JPY remained relatively calm, with European trading below 150.00 in early trading but gaining nearly 1.5% this week.
The general dollar moves force the euro/dollar to continue to bearish pressure on Thursday. The pair pulled back higher after falling to its lowest level in three weeks below 1.1650, but remained below 1.1700 during Friday's European session.
GBP/USD fell nearly 0.8% on Thursday, hitting its lowest level since the first week of August below 1.3330. The pair rebounded slightly earlier on Friday, trading around 1.3350.
Gold turned to a rise for the second consecutive day after falling to the $3734 area during the intraday session, and hit a new daily high in the first half of the European session on Friday.
Euro: The intraday bias of the euro/dollar is still in a downward trend as it is falling from 1.1724. Taking into account the bearish divergence conditions of DMACD, continuing to break through the 55-day moving average (1.1667) will indicate that 1.1917 is already the mid-term top. Next, you should see a deeper decline, reaching the 1.1390 support level. At present, as long as the 1.1819 resistance level is held, the risk will remain downward to prevent a rebound.
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