Daily market commentary: The US dollar is edging down

Forex

The US dollar is edging down as the European session gets underway. China is boosting its vaccination of vulnerable citizens, and it could be a sign that Beijing is preparing to relax its zero-Covid policy. This news was welcomed by the markets, driving a rise in risk appetite that would normally be negative for the safe-haven dollar. However, any downside for the greenback was balanced out by a mood of expectation from investors. Dollar traders are awaiting the release of US GDP numbers later today, and employment figures on Friday; two important sets of data, that are likely to influence the Federal Reserve’s decision making when it meets again in December.

Daily Market Commentary

Traders will also be paying close attention to Jerome Powell’s speech later this Wednesday, which could provide clues over the pace of rate hiking by the Fed.

Ricardo Evangelista – Senior Analyst, ActivTrades

Brent oil prices rebounded during early Tuesday trading, gaining more than 4%, read more…


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

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