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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn Official Website]: The US-UK agreement exposes Trump's intentions! The dominance of the US dollar collapses!". Hope it will be helpful to you! The original content is as follows:
The US dollar index is still in a consolidation phase just below 100.50 after hitting its highest level in nearly a month earlier in the day. Without advanced data releases, market participants will closely follow the avaforexcn.comments from the central bank governor on Friday. During the early trading session of the U.S., Statistics Canada will release employment data for April.
On Thursday, the Federal Reserve's hawkish tone and the announcement of the British-US trade deal boosted the dollar. The U.S. dollar index continued to rise after rising nearly 0.8% on the day and hit its highest since April 11 near 100.90 during the Asian trading session on Friday. Several Fed policymakers, including New York Fed Chairman John Williams and Fed Director Christopher Waller, will speak in the second half of the day. Meanwhile, U.S. stock index futures rose and fell during the European session on Friday after major Wall Street stock indexes closed in the upside on Thursday.
Basic Forex Market Market:
Data from China showed earlier Friday that the trade surplus shrank from $102.64 billion in March to $96.18 billion in April. On an annual basis, exports grew by 9.3%, while imports contracted by 0.2%. The Australian dollar/USD rose slightly above 0.6400, and began the European period.
The Bank of England (BoE) announced on Thursday that it would cut policy interest rates by 25 basis points (bps) to 4.25%, as widely expected. In its policy statement, the Bank of England reiterated that the gradual and prudent approach to further eliminating monetary policy restrictions remains appropriate. Bank of England Governor Andrew Bailey said in a speech at a post-conference press conference, the overall impact of tariffs on inflation remains uncertain. The GBP/USD fell more than 0.3% on Thursday and continued to fall slightly in early Friday. As of press time, the pair was trading at a price of just over 1.3250.
The US dollar/JPY maintained its bullish momentum, up more than 1% on Thursday. The pair corrected lower in early Friday trading, but remained above 145.00.
Euro/USD fell to its lowest level in nearly a month below 1.1200 in the Asian session on Friday after closing in the negative territory for two consecutive days. The currency pair rebounded and traded around 1.1250 in early trading in Europe.
Bulle market fundamentals:
Gold rose in the early trading, broke through the 3300 mark in the European session, and traded around US$3330.
U.S. crude oil rose slightly by 0.3% to $60.25 a barrel on Friday, continuing the previous day's 3.2% gain. Brent crude rose 0.3% to $63.18 a barrel, after rising 2.8% on Thursday.
Analysis of major currency trends:
Euro: Euro/USD has recovered from the correction of 1.1572 through breaking through 1.1265, and the intraday bias has declined again. A deeper decline will occur at the 38.2% retracement level of 1.1039 from 1.0176 to 1.1572. But strong support should be seen bringing a rebound. On the plus side, breaking through 1.1380 will indicate that the correction is avaforexcn.completed and brings a retest of 1.1572.
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