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The temporary appropriation bill is about to pass the House of Representatives. Is the U.S. labor market still deteriorating?
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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market xmxyly.commentary]: The temporary appropriation bill is about to pass the House of Representatives, is the US labor market still deteriorating?". Hope this helps you! The original content is as follows:
On November 12, in early trading in Asia on Wednesday, Beijing time, the U.S. dollar index was hovering around 99.48. On Tuesday, as the market was worried about the deterioration of the U.S. labor market, the U.S. dollar index continued to decline and plunged sharply before the U.S. market. However, it recovered some of its losses during the U.S. market and finally closed down 0.12% at 99.48; U.S. debt markets were closed for one day due to Veterans Day. Spot gold approached the US$4,150 mark many times during the session, hitting a new high in the past three weeks, but failed to reach here. Instead, it gave up some of its gains and finally closed up 0.26% at US$4,126.36 per ounce. Spot silver stood firmly above the US$50 mark, and finally closed up 1.4% at US$51.20 per ounce. Crude oil fell first and then rose. WTI crude oil started to rise during the European trading session. It once reached above US$61 during the session and finally closed up 1.72% at US$60.96/barrel. Brent crude oil finally closed up 1.79% at US$64.89/barrel.
Analysis of major currency trends
U.S. dollar index: As of press time, the U.S. dollar is hovering around 99.48. As employment data weakens and expectations of a Fed rate cut increase, the dollar may struggle to regain its upward momentum if upcoming government data fails to deliver a bullish surprise. Technically, if the dollar index remains below the 99.50 level, it will head towards the support level of 98.85–99.00.



Gold and crude oil market trend analysis
1) Gold market trend analysis
In Asian trading on Wednesday, gold hovered around 4138.96. Precious metals gained momentum amid further bets that the Federal Reserve will cut interest rates before the end of the year. Traders will be closely watching the Fed's speech later on Wednesday. The Fed's John Williams, Anna Paulson, Christopher Waller, Raphael Bostic, Stephen Millan and Susan Collins are scheduled to speak.

2) Crude oil market trend analysis
On Wednesday in the Asian market, crude oil was trading around 60.91. Oil prices rose on Tuesday, boosted by new U.S. sanctions on Russia and hopes of an end to the U.S. government shutdown, but gains were limited by concerns about oversupply. Investors need to pay attention to news related to the U.S. government shutdown. In addition, New York Fed President Williams, Philadelphia Fed President Paulson, Fed Governor Waller, Atlanta Fed President Bostic, and Boston Fed President Collins will each deliver speeches this trading day. Investors need to pay attention.

23:45 U.S. Treasury Secretary Bessent delivered a speech
The next day at 01:00 the EIA released its monthly short-term energy outlook report
The next day at 01:15 the Federal Reserve Bostic gave a speech
The next day at 01:30 Fed Governor Milan attended the event
The next day at 02:00 the United States to 1 10-year Treasury bond auction on January 12 - winning interest rate
02:00 the next day to 10-year Treasury bond auction on November 12-bid multiples
02:30 the next day the Bank of Canada released the minutes of the October monetary policy meeting
at 05:00 the next day the Federal Reserve Collins gave a speech on the outlook for the economic and financial situation
API crude oil inventories in the United States from 05:30 the next day to the week of November 7
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