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Hello everyone, today XM Forex will bring you "[XM Forex]: Trump criticized the Fed for shaking confidence! The US dollar continues to be sold." Hope it will be helpful to you! The original content is as follows:
On April 21, during the European session on Monday, the US dollar (USD) faced selling pressure again after closing in a calm manner last week. Growing concerns about the U.S. recession and questions about the independence of the Federal Reserve have put pressure on the currency. Many international markets, including France, Germany and the UK, will continue to close to celebrate Easter Monday, but the U.S. stock and bond markets will be open during normal times. The Economic Calendar does not publish any advanced data.
White House economic adviser Kevin Hassett told reporters late Friday that President Donald Trump and his team are continuing to study whether firing Fed Chairman Jerome Powell is an option, which is unprecedented. Meanwhile, the Financial Times reported earlier on Monday that Chinese state-owned funds are cutting off new investments in U.S. private equity as the next step in the escalating trade conflict. After a slight decline last week, the U.S. dollar index continued to decline early on Monday, trading below its lowest level since April 2022 of 98.50, down more than 1% on the day. Meanwhile, U.S. stock index futures opened bearish this week, down 0.8% to 0.9% last time.
The People's Bank of China (PBOC) announced that it will maintain the most preferential interest rate (LPR) for one- and five-year loans at 3.10% and 3.60%.
The continued weakening of the dollar pushed the euro to a three-year high on Monday, and the yen also rose to a seven-month high. The Swiss franc exchange rate against the US dollar rose to a new high of more than a decade.
Euro/USD continued its upward trend earlier on Monday,And traded at its highest level since November 2021 above 1.1500. Reuters reported on Monday that the EU is considering changing its methane emission rules to make it easier for the United States to comply with its natural gas exports.
GBP/USD rose on Monday, trading at its highest since September around 1.3400.
The US dollar/JPY fell more than 1% on the day, and traded around 140.70 in early trading on Monday.
In terms of commodities, driven by risk aversion, gold prices rose by more than 2%, hitting a record high of US$3,395, and the cumulative increase has reached 26% this year. Since the beginning of this year, gold prices have been setting new records.
As US-Iran nuclear negotiations progressed, easing market concerns about a decrease in supply to major oil-producing countries in the Middle East, oil prices fell on Monday. Brent crude futures fell 1.75% to $66.77 a barrel. U.S. WTI crude oil fell 1.75% to $63.55 a barrel.
Euro: Euro/USD broke through 1.1472 today and resumed its upward trend, and intraday bias rose again. The current rise from 1.0176 should be targeted at a 161.8% forecast of 1.0358 to 1.0953, and next from 1.0731 to 1.1694. On the downside, a small support level below 1.1357 will make the intraday bias neutral and consolidate again, then rebound again.
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