The new trading week has kicked off calmly. Many market participants are still digesting the economic reports of last week. So, we are ready to share with you an up-to-date overview of the key trading instruments of the Asian session. Let’s get cracking!
The US dollar index is trading in line with our forecasts. It soared last week following the inflation report. In October, inflation in the US hit the highest level in three decades. Analysts believe that the US dollar is likely to extend gains during this week amid market expectations of the key rate hike by the Fed. If the regulator decides to tighten monetary policy, it will surely give a boost to the greenback. Now, the US dollar index is fluctuating between 95 and 96. It has already reached the support level of 95. So, it is likely to stay firm at this level for some time.
Meanwhile, the US dollar is exhibiting strength versus the yen. The stock indices of the Asia-Pacific region are trading mixed, while investors are mulling over the latest economic data from China and Japan. Japan's GDP shrank by 3% in the third quarter. The reading turned out to be far worse than expected, especially in comparison with the same period last year. So, Japan’s GDP is likely to decline further in the future. The dollar/yen pair may break through the level of 114, heading for the resistance level of 114.20.
The AUD/USD pair may also resume an upward movement. The Aussie is likely to assert strength amid the release of China's upbeat industrial production data. As a result, demand for Australia's commodities may soon recover.
The AUD/USD pair has already risen to 0.7350. However, it may well jump to a resistance level of 0.7400.
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00:00 Intro
00:21 USDX
01:05 USD/JPY
01:44 China’s Industrial Production
01:58 AUD/USD
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