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Gulf Press > Business > Forex > Today in the Forex Market: Major Currency Pairs Trading within Familiar Ranges on the Final Day of 2024
Forex

Today in the Forex Market: Major Currency Pairs Trading within Familiar Ranges on the Final Day of 2024

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Last updated: 2024/12/31 at 12:00 PM
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The financial markets are experiencing subdued activity as the year comes to a close, with no major data releases on Tuesday. Trading conditions are expected to normalize when investors return after the New Year break on Thursday. In terms of the US Dollar performance this month, it has been the strongest against the New Zealand Dollar, with percentage changes against other major currencies shown in the table provided.

In recent data releases, the US saw an increase in Pending Home Sales by 2.2% in November, surpassing market expectations. Additionally, China’s NBS Manufacturing Purchasing Managers Index for December came in at 50.1, while Non-Manufacturing PMI improved to 52.2. The US Dollar Index is fluctuating near 108.00 and remains on track to end the third consecutive month in positive territory. US stock index futures are trading marginally lower following a decline in Wall Street’s main indexes on Monday.

In specific currency pair movements, EUR/USD closed in the red after reaching a 10-day high above 1.0450, with GBP/USD testing 1.2600 but failing to gain momentum. Gold declined below $2,600 but recovered slightly to trade near $2,610. USD/JPY lost over 0.5% on Monday and continued to trend lower below 156.50.

The US Dollar is the official currency of the United States and widely used in other countries as well. It is the most traded currency globally, with the Federal Reserve shaping its value through monetary policy. The primary factors affecting the USD value are inflation control and employment levels, which are managed by adjusting interest rates. Quantitative easing is another tool used by the Fed in extreme situations, while quantitative tightening leads to a stronger Dollar.

In conclusion, the US Dollar remains a key player in the global economy and its value is influenced by various economic factors. As the year comes to an end, traders are looking ahead to the New Year break and the potential market movements that may occur. Stay updated with the latest news and data releases to make informed decisions regarding your investments in the currency markets.

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News Room December 31, 2024
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