🔥 GPBUSD BEARISH ANALYSIS 🎯🔥✅

Hello traders what do you think about Gpbusd)?

traders 1h tame frame see a bearish pattern channels breakout. rsl retet 1.26393
Down 👇 support levels ✅
1.25222 now waiting. Same time

Dollar steady as traders weigh labour data; yuan eases
Dec 6, 202311:22 GMT+5
The dollar was near a two-week high against a basket of currencies on Wednesday as investors assessed U.S. economic data that showed a cooling labour market, while wagering the Federal Reserve will cut rates next year.

The spotlight in Asia was on China, where the yuan extended losses as markets grappled with rating agency Moody's cut to the Asian giant's credit outlook.

The dollar index
DXY
, which measures the U.S. currency against six rivals, was 0.029% lower at 103.93, having climbed 0.3% overnight. The index is up 0.5% this month, after sliding 3% in November, its steepest monthly decline in a year.

Data on Tuesday showed U.S. job openings fell to more than a 2-1/2-year low in October, the strongest sign yet that higher interest rates were dampening demand for workers. Data also showed there were 1.34 vacancies for every unemployed person in October, the lowest since August 2021.


Moh Siong Sim, currency strategist at Bank of Singapore, said the data indicated that the cooling of the labour market is on track. "It puts a lot of focus now on the non farm payrolls this Friday."

The November jobs data will provide further clues on the labour market ahead of the Fed's policy meeting next week

Fed officials are now in a blackout period ahead of the U.S. central bank’s Dec. 12-13 meeting, where a key focus will be the updated projections of where they see rates at in 2024.


Dollar steady as traders weigh labour data; yuan eases
Dec 6, 202311:22 GMT+5
The dollar was near a two-week high against a basket of currencies on Wednesday as investors assessed U.S. economic data that showed a cooling labour market, while wagering the Federal Reserve will cut rates next year.

The spotlight in Asia was on China, where the yuan extended losses as markets grappled with rating agency Moody's cut to the Asian giant's credit outlook.

The dollar index
DXY
, which measures the U.S. currency against six rivals, was 0.029% lower at 103.93, having climbed 0.3% overnight. The index is up 0.5% this month, after sliding 3% in November, its steepest monthly decline in a year.

Data on Tuesday showed U.S. job openings fell to more than a 2-1/2-year low in October, the strongest sign yet that higher interest rates were dampening demand for workers. Data also showed there were 1.34 vacancies for every unemployed person in October, the lowest since August 2021.

Moh Siong Sim, currency strategist at Bank of Singapore, said the data indicated that the cooling of the labour market is on track. "It puts a lot of focus now on the non farm payrolls this Friday."

The November jobs data will provide further clues on the labour market ahead of the Fed's policy meeting next week

Fed officials are now in a blackout period ahead of the U.S. central bank’s Dec. 12-13 meeting, where a key focus will be the updated projections of where they see rates at in 2024.

Traders have priced in 99.7% chance of the Fed standing pat next week but a 56% chance of the central bank cutting rates in March, according to CME's FedWatch tool. They have also priced in at least 125 basis points worth of cuts next year. (FEDWATCH)


Mitra said there could be a snapback should the Fed drive home the message more forcefully that it is not about to cut rates anytime soon.

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