Potential completion of the short-term upside correction and chance for the downside continuation.
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EUR/USD stays cautious near 1.0850, as ECB rate decision looms
EUR/USD trades with caution near 1.0850 in the European session on Thursday. The recent US Dollar strength and a softer risk tone weigh on the pair. Meanwhile, the Euro remains vulnerable ahead of the ECB policy announcements.
GBP/USD treads water below 1.3000 amid cautious mood
GBP/USD consolidates Wednesday’s softer UK CPI-inspired fall below 1.3000. Bets for a BoE rate cut in November weigh on the pair amid the sustained US Dollar strength. Hopes for a less aggressive Fed policy easing favor the USD bulls ahead of the US Retail Sales data.
Gold price stands firm near all-time peak, seems unaffected by bullish USD
Gold price scales higher for the third successive day on Thursday – also marking the fifth day of a positive move in the previous six – and touches a fresh all-time peak heading into the European session.
European Central Bank set to trim interest rates again as economic outlook worsens
The European Central Bank is expected to cut benchmark interest rates by 25 bps at the October policy meeting. ECB President Christine Lagarde’s presser will be closely scrutinized for fresh policy cues.
Another unconvincing policy briefing fails to inspire confidence
Chinese authorities are playing the long game, trying to keep investors focused on the bigger picture, multiple stimulus measures spread out over time, with a bit of subtle bid support from state-backed institutions.
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