Forex Analysis Today - The US Dollar Index (USD) continues to rise on Wednesday, reaching its highest level in nearly three weeks above 104.00. Economic data from the US to be released on Thursday includes Challenger Job Cuts for November and weekly Initial Jobless Claims. Today, Eurostat will release the revised Gross Domestic Product growth and Employment Change for the third quarter.
 
On Wednesday, US data showed signs of a weakening labor market, but cautious sentiment in the market helped the USD maintain its strength for the third consecutive day.
 
ADP Employment Change for November came in at 103,000, below the market expectation of 130,000, while Unit Labor Costs fell by 1.2% in the third quarter, exceeding analysts' forecast of 0.9%. Nevertheless, major Wall Street indices closed negatively, and US stock futures struggled to gain traction during Asian trading hours.
 
US Dollar Price This Week
 
On Thursday morning, the General Administration of Customs of the People's Republic of China reported that the trade surplus for November rose to $68.39 billion from $56.53 billion, surpassing analysts' predictions of $58.1 billion. However, imports fell by 0.6% year-on-year. The Hang Seng Index in Hong Kong was down by 1%.
 
The Bank of Canada (BoC) maintained its interest rate at 5%, as expected, on Wednesday. USD/CAD continued to rise, trading above 1.3600. West Texas Intermediate oil prices fell nearly 4%, weighing on the loonie.
 
EUR/USD has weakened for six consecutive days, trading just above 1.0750. Retail Sales in the Eurozone fell by 1.2% year-on-year in October.
 
GBP/USD continues to decline, reaching its lowest level since November 24 below 1.2550. The pair is currently trading around 1.2560 after closing below 1.2600 on Wednesday.
 
Bank of Japan Governor Kazuo Ueda discussed policy options after exiting ultra-loose policy on Thursday. USD/JPY fell to 146.00, reaching its lowest level since early September.
 
Despite the strengthening USD, gold prices held steady on Wednesday, supported by a decline in US Treasury yields. On Thursday morning, XAU/USD remained relatively stable around $2,030.
 
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Today's forex analysis is based on fundamental and technical views from reliable sources and is not intended as advice or an invitation. Always remember that this content aims to enrich the reader's information. Always conduct independent research regarding other forex information to use as a reference for your trading.
 
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