The US Dollar Is Keeping Current Levels

During yesterday's trading, the majors showed a variety of trends. The dollar index (#DX) kept the current levels and closed the trading session with a slight increase (+0.14%). Support is still provided by the possible implementation of the tax reform in the United States. At the same time, the growth of the US currency was moderate due to weak economic reports. In November, the index of business activity in the non-manufacturing sector of the US from ISM fell by 4.5% to 57.4. Market expectations were at the level of 59.0.

The Australian Bureau of Statistics reported that in the third quarter the country's GDP growth slowed to 0.6%. Experts expected the level of 0.7%. At the moment on the AUD/USD currency pair, the bearish sentiment is prevailing. Today, the key event will be the meeting of the Bank of Canada. It is expected that the regulator will leave the key interest rate at the previous level of 1.00%. We recommend you to pay attention to the comments and rhetoric of the Central Bank representatives.

At the moment, the oil quotes are consolidating. Futures for the WTI crude oil are being traded in the range of $57.25-$57.50 per barrel. Investors expect a report on crude oil inventories in the US at 17:30 (GMT+2:00).

Market Indicators

Yesterday, the major US stock indices slightly moved away from historical highs: #SPY (-0.36%), #DIA (-0.45%) and #QQQ (+0.07%).

The 10-year US government bonds yield shows negative dynamics. At the moment the indicator is at the level of 2.33-2.34%.

The news feed for 2017.12.06:

- A preliminary report on the labor market in the USA from ADP at 15:15 (GMT+2:00);
- The decision on the interest rate by the Bank of Canada at 17:00 (GMT+2:00).

by JustForex, 2017.12.06

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields