somrat4030
Well-known member
Forex Forum is a best place for getting latest news and tips for traders.
China's foreign exchange reserves in October rose on a monthly basis for the first time since July, official data showed on Sunday, as the dollar slipped against a basket of other major currencies.
China's reserves, the world's largest, reached $3.218 trillion at the end of October, up 0.53% from a month earlier,according to data from the State Administration of Foreign Exchange (SAFE).
That was higher than the $3.197 trillion forecast in a Reuters poll of analysts and up from $3.128 trillion in October 2020.
However, it remains lower than the $3.232 trillion at the end of August.
On the other hand, The British pound has suffered heavy losses on Thursday and GBP/USD registered its largest one-day decline in more than a year with investors reacting to the Bank of England's (BoE) decision to leave its policy rate unchanged. As European investors enter the market on Friday, the pair is facing renewed bearish pressure and trading below 1.3500.
The technical outlook suggests that the pair might need to stage a technical correction before the next leg down but additional losses cannot be ruled out especially if the greenback preserves its strength after the October jobs report.
Commenting on the market expectation of a rate hike in November, BoE Governor Andrew Bailey noted that they never said that they would act at a particular meeting. Bailey adopted a relatively more optimistic tone regarding the inflation outlook and said the period of higher inflation was likely to be temporary.
On the other hand, The European currency paired with the US dollar last week generally continued its downward movement and even updated its local minimum. The downward trend was also maintained after the European currency attempted to start a new upward trend after the ECB meeting the week before last. Thus, at this time, the price simply continues to be near its local lows, which are also annual lows. Therefore, the technical picture has hardly changed compared to the previous week. The European currency remains under market pressure, although the fundamental background has been and remains very contradictory.
#forex #forexforum #currencytrading #forumdotforex #forumforex #currencytradingforum #forextrading #forexsignal #forextips #forexanalysis #bestsignalprovider #bestforexforum #daytrading #currencytradersforum #bestbroker #forexbroker #forexnews
