Gold: US Debt ceiling limit concerns
XAUUSD Gold prices are moving in the consolidation market and the price has been rebounded from the recent support area.
XAGUSD Silver price has broken the Descending channel and now market retesting the broken channel.
Gold prices remain in consolidation mode as US Dollar performance shows stronger, and Today’s NFP data outlook was brighter than expected.
More Cash outflows are now in struggling mode, and during crisis time, Gold will perform outstandingly as All we know.
And US Debt ceiling limit is extended to December 3; if not increased further above the Ceiling limit, then Gold is the best asset to purchase as a Hedge against inflation currency.
US Dollar: Bank of England did not do any rate hikes in this meeting
USDCAD has broken the Descending channel and Box pattern within the channel..
US Dollar surges as Bank of England keeps rates unchanged.
And Bank of England monetary policy members show more accommodative and patience for rate hikes soon in the coming months.
This result came after FED did not do tapering in this weekly meeting.
So, the Bank of England is also Following the Same FED side waiting in patience.
And OPEC+ nations disregarded the Political pressures to keep up the Supply-side and Joe Biden words of increased supply request.
So, USD Dollar keeps higher as Demand created more as Crisis getting extended in the market.
US and China planning to ease Visa restrictions
US President Joe Biden and Chinese President XI like to reopen both nation’s consulates, which was closed last year.
And these two leaders are planning to Virtual summit for easing Visa Restrictions.
Now the relationship between US and China trying to stronger as a meeting is conducted.
More widened relationships between US and China were created in Trump’s administration but now solved by Biden Administration with China.
UK POUND: Brexit issue concerns for UK Pound
GBPCHF is moving in an Ascending channel and has broken the Ascending channel line now.
Bank of England maintained the cash rate unchanged as 7-2 vote against rate change.
And Brexit issues raised concerns, and inflation hitting near 5% makes worry for UK Pound to drag in market.
Today, if the NFP report makes more upbeat numbers, then GBPUSD once more dragging down is possible this week.
And Brexit Minister David Frost met the European minister regarding the Brexit Fishing issue in France, but no gains have been reached till now.
EURO: ECB Vice president Speech
EURUSD is moving in the Descending channel and the market has reached the recent support area within the channel, falling from the lower thigh area..
ECB Vice president Luis De Guindos said the Surge in recent inflation is because of Supply chain disruptions and the Covid19 issue.
Inflation in Eurozone will decline next year, but it might be a Gradual Decline Next year.
Wages increases are part of Jobs role, and after the pandemic, wage has to increase month on month.
And Eurozone set to weaker as ECB maintain same interest rate and No tapering until 2024.
Domestic data Germany and France showed dull performance in last three months.
By considering these scenarios, EURUSD may hit previous support of 1.15 area is possible.
Canadian Dollar: OPEC+ nation did not agree to US request
CADCHF is moving in an Ascending channel and the market rebounded from the higher low area of the channel..
Canadian Dollar kept lowered as Oil prices came down from 80$, and OPEC+ countries maintained the supply of 400k Barrels per day and did not accept increased supply requested by US President Joe Biden.
And Bank of Canada may do rate hikes in the January meeting, and tapering is almost done.
Now Canadian Dollar shows 9% up from September month and now correction going to happen in markets.
USDCAD went up the Consolidation zone after one month due to Oil prices dropping down.
And the increasing supply of Oil from OPEC+ nations made Oil prices sluggish in the medium term.
Japanese Yen: FED announced slow down its asset purchases
USDJPY is moving in the Box pattern and the market rebounded from Equal lows and Equal highs area..
Japanese Yen makes corrections after a long downtrend in the market.
USDJPY is in consolidation mode as US FED makes slow down its asset purchases this week.
And Rate hikes forecasted too short to medium term makes worry for investors.
Japanese Government trying to inject more stimulus into the Economy to overcome, but the minority Government makes more opposition from the opposite party.
So Japanese Yen will become weaker in the market by the end of 2021 as major factories are running out of semiconductors.
Today Non-Farm payrolls data to be listed the readings, more than expected reading makes positive for USD, and negative reading supports JPY.
Australian Dollar: Exports dropped and Trade surplus widened
AUDUSD is moving in the Descending channel and the market fell from the Lower high area of the channel and higher high area of the minor ascending channel.
The Australian Trade surplus widened more than expected, and Exports dropped to 6% over M/M Basis.
And also, dropping Iron ore prices makes less revenue of exports to the Australian Government.
Today RBA monetary policy statement shows the same type of modulation pitched as the previous meeting conducted this week.
And China Economy crisis made more impact on perimeter countries like Australia and New Zealand.
Today NFP data will dictate the Directions of the Australian Dollar.
And now easing of lockdown restrictions and travel restrictions supportive Australian Dollar.
New Zealand Dollar: Employment report makes support for Kiwi
NZDJPY has broken the descending triangle pattern on the downside..
New Zealand Dollar shows a consolidation range, and the Employment rate ticked higher in the third quarter.
The Sudden job rate increased to 4.2% YoY from 2.7% makes the New Zealand Government enthusiastic as Employment grows and Jobless claims made lesser.
And FED last day made tapering of $15 billion done as per expectations from $120 billion purchases per month.
And we can expect non-Farm payrolls data to come in positive numbers today, so today US Dollar moves in stronger momentum in the market.
Swiss Franc: Domestic data performance well
USDCHF is moving in the Symmetrical triangle pattern..
Swiss Franc makes higher high and consolidation in the market, and FED done tapering of $15 billion per month in Asset purchases makes US Dollar to strength.
And Swiss Economy performed well, Export and Imports data doing well, Exports are greater than imports in this year makes Swiss Franc test new highs in the market.
And China Crisis of Evergrande, Electricity and Covid-19 makes investors pour money to Swiss national Bank at negative rates to protect capital.
Due to these scenarios, the Swiss Franc becomes stronger as more foreign currencies are pouring in the Swiss National Bank, Now SNB waiting to invest in stocks and bonds to keep safer returns in the market.
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