29.11.2019: USD stands tall (USDХ, USD/CAD)
The US dollar stands tall on Black Friday. The US currency has been advancing against its rivals, including the Japanese yen. The Canadian dollar is extending weakness after a short pause.
The US dollar index climbed to 98.50 in the New York trade. The greenback hardly gains strength from its status of a safe haven asset nowadays. Traders have shown a muted response to escalating tensions between the US and China. So, the broad-based risk-off sentiment is not the case at present. The US dollar finds solid support from upbeat macroeconomic data released before the national holiday in the US. Besides, some Fed officials presented positive economic forecasts. These factors trim expectation for a rate cut in the nearest two years. The market is now pricing in a 5% chance that the Fed will hike rates in December.
This week, Japan and South Korea reported weak manufacturing data. In this context, the US provides standout economic data which cannot be neglected by market participants. Strong economic fundamentals are certainly bullish for the US dollar. Besides, now traders are scaling back risky bets.
Yesterday, the USD/CAD pair briefly touched the level of 1.3298. Today, the price surpassed resistance at 1.3294 and moved higher amid the stronger US dollar. On Friday, traders are evaluating macroeconomic data from Canada. Gross domestic product edged up 0.1% in September in line with expectations. The economy expanded 1.6% on a yearly basis. Canada’s construction sector showed a minor increase after a flat dynamic a month earlier.
This week has been quiet in global financial markets. Nevertheless, events over the weekend could create a market buzz on Monday. China is due to post official manufacturing PMI. Hong Kong is braced for new anti-government clashes.
FX Analytics - https://www.instaforex.eu/forex_analytics
Forex Calendar - https://www.instaforex.eu/forex_calendar
Forex TV from InstaForex - https://www.instaforex.eu/instaforex_tv
Forex charts - https://www.instaforex.eu/charts
Instant account opening - https://www.instaforex.eu/fast_open_live_account
Forex Trading Contests - https://www.instaforex.eu/forex_contests
List of official InstaForex blogs:
#forex_news #american_session #instaforex_tv
Calendar and reviews
Calendar and reviews