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U.S. Dollar safe haven bid regroups from Friday after thwarting AM EUR and GBP rally.
#DXY Index up 0.5% to 106.50.
#GBPUSD through 1.20 from 1.2120
#EURUSD through 1.0350 from 1.04996In forex the USD is weaker with the AUD the strongest and the #CHF the weakest.
– Hopes that China’s #ZeroCovid policy may shift supporting the #AUD and #NZD with the trade relationships and lowered the safe haven flow to the USD.
In Europe preliminary CPI data out of the Germany moved lower in November (down -0.5% vs -0.2% est. YoY falls to 10% vs 10.4% est). The EURUSD is higher but has chopped up and down in the Europe so far with price action mostly between the 100 hour MA above at 1.0392 and the 200 hour MA at 1.03505.
Yesterday the EURUSD moved sharply to the upside in the early European session before rotating back lower and eventually taking out the Asian session lows in a wild up and down trading day.
Spot gold is trading up $13 or 0.74% at $1754.29
spot silver is trading up $0.36 or 1.73% at $21.28The U.S. Dollar was offered all week ahead of non-farm payrolls with USD/JPY before the release spotting 133.64 early in Europe. After strong payrolls
[See the full post at: Forex Traders Weekly Outlook – US Dollar Correction Continues with Lower Yields]
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