Forex Today: Caution persists, majors looking for a catalyst
|Here is what you need to know on Wednesday, October 28:
Major pairs continued trading in tight, familiar ranges. The market motors from last week, a US stimulus package and Brexit talks, have been set aside, as those continue without progress.
The pandemic is once again taking center stage. The WHO said that Europe is now the new epicenter, as most countries are reporting daily record cases, above those reported in March and April. Market talks indicated that some governments are considering nationwide lockdowns. French President Macron will address the nation on Wednesday on the issue. Also, Dutch Prime Minister Rutte said that is too early to decide if more measures are needed, but added that a total lockdown is being considered. Meanwhile, Spain declared the state of emergency, while Italy urged people to stay home.
US data was upbeat, with Durable Goods Orders sharply up in September, yet not enough to trigger some dollar’s demand.
Equities remained under selling pressure, although US indexes ended the day mixed, not far from their opening levels. US Treasury yields edged lower for a third consecutive day.
The AUD/USD pair hovers around 0.7130, lacking directional strength. Australian Q3 inflation figures to be out early Wednesday may spur some action around the pair.
The USD/CAD pair closed in the red, despite crude oil prices got to bounce, ending the day at $39.40 a barrel.
Gold posted a modest intraday advance and finished the day around $1,908.00 a troy ounce.
Crypto enthusiasts grow “extremely greedy” suggesting a major correction is underway
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.