Forex Today: Brexit in the EU's hands, EUR/USD may struggle with Draghi one last time, Bitcoin battered

Yohay Elam FXStreet

Here is what you need to know on Thursday, October 24:

Brexit: GBP/USD has stabilized around 1.29 as the EU is considering a delay to the UK's exit. France reportedly wants only a short delay from October 31 to November 15, while other countries tend to approve a postponement to January 31, 2020 – as stated in Britain's extension request. A long delay will likely result in snap elections while a short one in another push to complete legislation. Brussels will likely indicate its decision on Friday.
Mario Draghi, President of the European Central Bank, will preside over his last decision at the helm. He will likely defend his eight-year tenure, and mostly his last decision to cut rates and restart the bond-buying scheme. If he justifies the stimulus by painting a dark picture of the euro-zone economies, EUR/USD may struggle. Preview: Draghi's defense of his legacy may drag EUR/USD down
Ahead of the ECB's decision, preliminary euro-zone Purchasing Managers' Indexes for October will provide an update on the economy. See Three reasons why EUR/USD may fall without waiting for Draghi
Several other countries will announce their rate decisions today, with Turkey standing out. US President Donald Trump announced that he is lifting sanctions after Ankara committed to a permanent ceasefire in Northern Syria. The CBRT is set to cut interest rates. USD/TRY volatility is set to remain high.
The market mood has somewhat improved, with the safe-haven USD, JPY, and Gold in retreat. US Vice President Mike Pence will deliver a significant speech on China later in the day, and markets will watch it as guidance for trade talks.
US data: US Durable Goods Orders for September provide an indication for US GDP next week and are set to move markets. Preview: Business spending continues to restrain durable goods. Weekly Unemployment Claims, News Home Sales, and Markit's PMIs are also of interest.
Cryptocurrencies are licking their wounds at lower ground, with Bitcoin trading below $7,500. Facebook founder Mark Zuckerberg testified on Capitol Hill and defended the social media's Libra cryptocurrency project. He seemed to have failed to convince lawmakers that the project is needed and that it will compete with Chinese initiatives.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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