Here is what you need to know on Tuesday, October 13:
The greenback appreciated in slow motion at the weekly opening but ended a dull Monday down against most major rivals.
China set the yuan fixing at 6.7126, weaker than expected, while the PBOC lowered the FX risk reserve ratio to zero. The country “unveiled a new comprehensive reform plan for Shenzhen,” giving local authorities there a “more direct and greater say in business” in areas such as carrying out market-based economic reforms. Asian and European indexes found mild-support in such headlines.
US futures advanced, with the Nasdaq Composite flirting with all-time highs, ignoring the fact that US leaders were once again unable to agree on a coronavirus stimulus package.
The number of new coronavirus cases in Europe continues on the rise. Germany imposed new restrictions, while the UK announced a three-tier system of restrictions for England with Liverpool region under strictest tier 3, which means household mixing will be banned, and all pubs and bars will be closed, alongside other indoors leisure centres. The lowest level, that covers most of England, includes a curfew for pubs at 10 pm and limited household mixing.
BOE’s members were on the wires this Monday, with Haskel saying that the central bank keeps an “absolutely open mind” on the suitability of negative rates. Governor Bailey added later that they are not thinking about negative rates in terms of a policy decision now, also indicating that they are not near addressing whether they should use them.
The EUR was the worst performer against the greenback, with EUR/USD stuck to 1.18. The Pound advanced despite discouraging local news, with GBP/USD nearing the 1.3100 level.
Gold remains stable above $1,920 a troy ounce amid limited trading. Crude oil prices edged lower, on news that production resumed in Libya’s largest oilfield.
Facebook's Libra can't happen unless it's regulated according to newest G7 draft
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stabilizes around 1.2550 after hitting two-year lows
EUR/USD plunged to 1.0223, its lowest in over two years, as risk aversion fueled demand for the US Dollar. Thin post-holiday trading exacerbated the movements, with financial markets slowly returning to normal.
USD/JPY flirts with multi-month highs in the 158.00 region
The USD/JPY pair traded as high as 157.84 on Thursday, nearing the December multi-month high of 158.07. Additional gains are on the docket amid prevalent risk aversion.
Gold retains the $2,650 level as Asian traders reach their desks
Gold gathered recovery momentum and hit a two-week-high at $2,660 in the American session on Thursday. The precious metal benefits from the sour market mood and looks poised to extend its advance ahead of the weekly close.
These 5 altcoins are rallying ahead of $16 billion FTX creditor payout
FTX begins creditor payouts on January 3, in agreement with BitGo and Kraken, per an official announcement. Bonk, Fantom, Jupiter, Raydium and Solana are rallying on Thursday, before FTX repayment begins.
Three Fundamentals: Year-end flows, Jobless Claims and ISM Manufacturing PMI stand out Premium
Money managers may adjust their portfolios ahead of the year-end. Weekly US Jobless Claims serve as the first meaningful release in 2025. The ISM Manufacturing PMI provides an initial indication ahead of Nonfarm Payrolls.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.