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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: The U.S. dollar index is under pressure, and Trump predicts that the "new head" of the Federal Reserve will be announced early next year." Hope this helps you! The original content is as follows:
On December 3, in early trading in Asia on Wednesday, Beijing time, the U.S. dollar index was hovering around 99.24. On Tuesday, Trump actively hinted that Hassett will be the next chairman of the Federal Reserve. The U.S. dollar index came under pressure in late trading, and finally closed down 0.06% at 99.34; the benchmark 10-year U.S. bond yield finally closed at 4.0950%, and the 2-year U.S. bond yield, which is sensitive to the Fed's policy interest rate, closed at 3.5180%. As investors took profits, spot gold plunged in the U.S., eventually closing down 0.59% at $4,207.52 per ounce; spot silver did not change its gains after the correction, and finally closed up 0.86% at $58.49 per ounce. International oil prices retreated near two-week highs as traders assessed the risks posed by Ukrainian drone attacks on Russian energy facilities, the situation in Venezuela and the mixed outlook for U.S. fuel inventories. WTI crude oil finally closed down 1.51% at US$58.61/barrel; Brent crude oil finally closed down 1.37% at US$62.45/barrel.
U.S. dollar index: As of press time, the U.S. dollar is hovering around 99.24. Against the backdrop of pressure on the production side, investor sentiment is leaning towards caution while remaining on the sidelines on the medium-term direction of the US dollar. Looking ahead to this week, the market focus will turn back to the U.S. ADP employment data in November and the ISM services PMI. These two data will provide investors with an important basis for judging the prosperity of the labor market and service industry. Technically, if the U.S. dollar index can stabilize above 99.50, it will head towards the 50 moving average of 99.75. A break above the 50-day moving average would open the way to a test of resistance from 100.00 to 100.15.
In the Asian market on Wednesday, gold hovered around 4216.43. On Monday, the ISM Manufacturing Purchasing Managers' Index (PMI) came in weaker than expected for November, putting pressure on the Federal Reserve to lower borrowing costs. Gold bullion also weakened amid hawkish www.xmasseuse.comments from Bank of Japan Governor Kazuo Ueda, who said the central bank was reviewing whether to raise interest rates at its next policy meeting. Meanwhile, traders are awaiting the Fed's Dec. 9-10 meeting, which will see the www.xmasseuse.committee split. On the dovish side, Fed governors Christopher Waller, Stephen Millan, Michelle Bowman and New York Fed John Williams lean. The hawkish camp includes Boston Fed Susan Collins, Kansas City's Jeffrey Schmid, St. Louis' Alberto Mussallem, Chicago's Austen Goolsby and Gov. Michael Barr.
On Wednesday in the Asian market, crude oil was trading around 58.50. Market participants remain focused on geopolitical developments that could help stabilize prices. Recent attacks in Ukraine on Russian energy infrastructure have resulted in the suspension of operations at the Novorossiysk terminal and disruption of water flows from the Caspian Pipeline Consortium (CPC). This temporary supply reduction could help limit downward pressure, especially as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) confirmed plans to keep output unchanged through the first quarter of 2026. The pause follows consecutive months of production increases of nearly 2.9 million barrels since April 2025 and is intended to reduce the risk of a supply glut.
15:30 Swiss November CPI monthly rate
16:50 French November service industry PMI final value
16:55 German November service industry PMI final value
17:00 Euro zone November service PMI final value
17:30 UK November services PMI final value
18:00 Euro zone October PPI monthly rate
21:15 US ADP employment in November
2 1:30 US September import price index monthly rate
22:15 US September industrial output monthly rate
22:45 US November S&P Global Services PMI final value
23:00 US November ISM non-manufacturing PMI
23 :30 EIA crude oil inventories in the United States for the week to November 28
23:30 EIA Cushing crude oil inventories in the United States for the week until November 28
23:30 EIA Strategic Petroleum Reserve inventories for the week from November 28 in the United States
The above content is about "[XM Foreign Exchange Decision Analysis]: The U.S. dollar index is under pressure, and Trump predicts that the "new leader" of the Federal Reserve will be announced early next year." The entire content is carefully www.xmasseuse.compiled and edited by the XM foreign exchange editor. I hope it will be helpful to your trading! Thank you for your support!
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