Dollar buyers struggle for a reason – Crypto News – Crypto News
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EUR/USD grinds lower on a firm US dollar, risk-off impulse EUR/USD grinds lower on a firm US dollar, risk-off impulse

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Dollar buyers struggle for a reason – Crypto News

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2 years ago

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What you need to take care of on Tuesday, November 5:

The week started with the greenback trying to recover the ground lost on Friday, but the American currency ended up losing further ground against its major rivals. The dollar accelerated its decline late in the US session as Wall Street picked up momentum ahead of the close.

Different factors underpinned the market sentimentone of which is renewed speculation the US Federal Reserve is near a pivot on monetary policy. The central bank is expected to ease the pace of quantitative tightening regardless of Chair Jerome Powell´s hawkish comments. Another factor is China. Despite the number of new coronavirus cases on the rise, investors are once again pricing in easing restrictive measures. Finally, there is some growing speculation Russia and Ukraine may de-escalate the ongoing conflict.

US Treasury yields, however, were also on the rise. The yield on the 10-year note settled at 4.20%, while the 2-year note yield hovers around 4.72%.

The week will be lighter in terms of first-tier events, with the focus on the US Consumer Price Indexforeseen at 8% YoY in October, slightly better than the previous 8.2%.

The EURUSD pair trades in the 1.0030 price zone, its highest in over two weeks. Better than anticipated German data helped the shared currency, with Industrial Production improving by more than anticipated in September.

The GBPUSD pair trades above the 1.1500 level, benefiting from the broad dollar’s weakness. Market participants anticipate UK Chancellor Jeremy Hunt will outline £60 billion in tax increases and spending cuts.

USD/CAD trades right below the 1.3500 threshold, while AUD/USD hovers around 0.6470. Safe-haven currencies appreciated vs their US rival, with USD/CHF currently trading around 0.9880 and USD/JPY at 146.50.

Gold holds on to the previous weekly gains and stands at $1,676 a troy ounce, while crude oil prices ticked higher. WTI currently trades at $92.00 per barrel.

Polkadot price eyes bullish breakout to $10 as $355 million in trading volume comes in,

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