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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Aihua Ava Foreign Exchange Decision Analysis]: The US dollar continues to recover, Trump increases the threat of tariffs! The gold is slamming and approaching the 3,000 mark." Hope it will be helpful to you! The original content is as follows:
The US dollar held its position in the early European session on Friday, and the US dollar index remained in a positive area around 104.00 after two consecutive days of slight gains. The U.S. Economic Calendar will release preliminary data on the University of Michigan’s consumer confidence index in March, and it will be about to enter the weekend.
Senate Democratic leader Chuck Schumer announced late Thursday that he plans to vote to keep the government open as the House prepares to continue accepting Republican stopgap bills on Friday, continuing to provide government funding. U.S. stock index futures rose 0.5% to 0.8% for the last time after major Wall Street indexes fell sharply on Thursday. Meanwhile, the benchmark 10-year U.S. Treasury yield remained stable, slightly below 4.3%.
In early trading in the European session, the UK's National Statistics Office reported that the UK's GDP shrank by 0.1% month-on-month in January. Other data show that manufacturing and industrial production fell by 1.1% and 0.9% respectively during the same period. These data were weaker than analysts’ expectations, putting pressure on the pound.
Basic market trends in the foreign exchange market:
In the foreign exchange market, the US dollar recovered some lost ground due to the return of safe-haven funds, but the concerns of the US economic recession and trade tensions continue to be put under pressure. The euro fell slightly by 0.04% to $1.08465, while the pound fell by 0.03% to $1.29475. Germany's 50 billion euro infrastructure fund plan and debt rules reform provide support for the euro,The bill will be voted in the Bundestag on March 18. The dollar rose 0.5% against the yen to 148.50, but market expectations of a further rate hike in the Bank of Japan have caused its weekly declines.
Bulle market fundamentals:
avatradescn.commodity market, international oil prices stopped falling and rebounded, Brent crude oil rose 0.67% to $70.35 per barrel, and WTI crude oil rose 0.75% to $67.05.
Gold maintained its bullish momentum, rising more than 1.8% on Thursday. Gold/USD appears to have entered a consolidation phase near $2980 after a record high of more than $2990 during the Asian trading session on Friday.
Analysis of major currency trends:
Euro: Euro/USD tends to be neutral intraday consolidation below 1.0946. It may fall further to 554HEMA (now at 1.0772). But strong support should be seen from 1.0358 to 1.0946 at 38.2% retracement level 1.0721 to curb downside space. On the plus side, breaking through 1.0946 will resume the rebound from 1.0176, and then retest the key resistance level of 1.1274.
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