Here is what you need to know on Thursday, October 31:
The Harmonized Index of Consumer Price (HICP) inflation data from the Euro area and the Personal Consumption Expenditures (PCE) Price Index readings from the US will be watched closely on the last day of October. The US economic docket will also feature weekly Initial Jobless Claims data.
The US Dollar (USD) came under modest bearish pressure in the second half of the day on Wednesday following mixed data releases. The Automatic Data Processing reported that employment in the private sector rose by 233,000 in October. This reading followed the 159,000 increase in September and surpassed the market expectation of 115,000 by a wide margin. On a negative note, the US Bureau of Labor Statistics' first estimate showed that the US' Gross Domestic Product (GDP) expanded at an annual rate of 2.8%, falling short of analysts' estimate of 3%. The USD Index edged lower and closed in negative territory. Early Thursday, the index holds steady slightly above 104.00.
The Bank of Japan (BoJ) announced early Thursday that it decided to keep its short-term interest rates target unchanged at 0.25% following the conclusion of its two-day monetary policy review. Speaking on the policy outlook in the post-meeting press conference, BoJ Governor Kazuo Ueda said that the impact of foreign exchange rates on prices has become larger than in the part, adding that firms are now more eager to hike wages and prices. "We will keep adjusting degree of easing if our economic, price outlook is to be realised," Ueda reiterated. After moving sideways on Tuesday and Wednesday, USD/JPY turned south following the BoJ event and was last seen trading deep in the red near 152.00.
Japanese Yen PRICE Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.03% | -0.09% | -0.79% | 0.08% | -0.04% | -0.07% | -0.23% | |
| EUR | -0.03% | -0.12% | -0.81% | 0.06% | -0.07% | -0.09% | -0.26% | |
| GBP | 0.09% | 0.12% | -0.69% | 0.18% | 0.05% | 0.03% | -0.14% | |
| JPY | 0.79% | 0.81% | 0.69% | 0.86% | 0.76% | 0.68% | 0.54% | |
| CAD | -0.08% | -0.06% | -0.18% | -0.86% | -0.11% | -0.15% | -0.33% | |
| AUD | 0.04% | 0.07% | -0.05% | -0.76% | 0.11% | -0.02% | -0.22% | |
| NZD | 0.07% | 0.09% | -0.03% | -0.68% | 0.15% | 0.02% | -0.17% | |
| CHF | 0.23% | 0.26% | 0.14% | -0.54% | 0.33% | 0.22% | 0.17% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
During the Asian trading hours, the data from Australia showed that Retail Sales rose by 0.5% on a quarterly basis in the third quarter. Meanwhile, the NBS Manufacturing PMI in China came in at 50.1 in October, up from 49.8 in September. AUD/USD continues to move sideways below 0.6600 after ignoring these figures.
EUR/USD gained more than 0.3% on Wednesday, supported by the better-than-expected GDP and strong inflation readings from Germany. The pair stays relatively quiet in the European morning on Thursday and fluctuates in a narrow band at around 1.0850.
GBP/USD lost its traction and closed in the red on Wednesday as markets assessed the details of the Autumn Budget. The pair holds steady early Thursday and clings to small recovery gains above 1.2950.
Gold seems to have entered a consolidation phase after setting a new record-high of $2,790. At the time of press, XAU/USD was down 0.3% on the day at $2,780.
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
AUD/USD: Next upside target comes at 0.6550
AUD/USD managed well to shrug off the marked advance in the Greenback as well as geopolitical tensions, regaining the area above the 0.6500 hurdle ahead of preliminary PMIs in Australia.
EUR/USD: Further losses now look at 1.0450
Further strength in the US Dollar kept the price action in the risk-associated assets depressed, sending EUR/USD back to the 1.0460 region for the first time since early October 2023 prior to key releases in the real economy.
Gold faces extra upside near term
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
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.