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The speech by D. Trump, which investors expected with tension on Tuesday, did not shed light on the course of the US-Chinese negotiations, which are decisive for the markets at present.
In fact, he did not say anything new and did not give any details of how the negotiations are going on, although he touched on this topic, saying that the parties are close to signing the "phase one" of the trade agreement and that this could happen in the near future.
Therefore, the lack of detail and certainty on this issue put pressure on the US stock market, where major stock indices lost some of the growth, and the Dow closed at Monday's close.
In the currency exchange market, the ICE dollar index also rolled back down from a local maximum, and the benchmark yield of 10-year-old traders has almost completely lost its growth and is showing negative dynamics in the Asian trading session today.
Observing the overall picture, we can say that with his speech at the New York Economic Club, Trump somewhat lowered the expectations of the market regarding the early conclusion of a trade agreement. In fact, with his own words, he plunged investors into a state of some uncertainty again, which can also be dispelled only under the influence of new positive news once again.
Today, the attention of the investors will be drawn to the speech of Fed Chairman J. Powell, which is scheduled for 16.00 Universal time. He is expected to confirm the monetary rate chosen earlier by the regulator. By and large, he is unlikely to report anything new, since not much time has passed since the last meeting of the Federal Reserve and a significant amount of economic data has not been published, which the Central Bank will carefully look at when deciding on the monetary rate.
From economic data, the published values of consumer inflation in the United States, Britain and the figures for industrial production in the eurozone will be important. In our opinion, an increase in inflationary pressure in monthly terms with a growth of 0.2% in October against an increase of 0.1% in September may turn out to be positive for the dollar. If the data does not disappoint, this may lead to a resumption of the appreciation of the dollar.
Forecast of the day:
EURU/SD is trading above 1.1000. It may continue to decline if data on consumer inflation in the United States show its growth. In this case, overcoming the price level of 1.1000 will lead to a decrease in the pair to 1.0985, and then to 1.0965.
The USD/CAD pair may also continue to grow to 1.3345 if, on the one hand, it holds above 1.3235, and on the other hand, data on inflation growth in the USA will become an incentive for its increase.
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