The US dollar faced some profit-taking and lost momentum in line with a slight pullback in US yields, as risk sentiment improved mildly. Meanwhile, business activity in Europe for October remains lacklustre, showing little sign of recovery.
Here is what you need to know on Friday, October 25:
The US Dollar Index (DXY) experienced a knee-jerk on Thursday, receding from recent tops past the 104.00 barrier. The Durable Goods Orders are due seconded by the final Michigan Consumer Sentiment.
After bottoming out around 1.0760, EUR/USD regained some balance and trespassed the key 1.0800 barrier. Germany’s Business Climate tracked by the IFO institute will take centre stage in Europe ahead of the ECB’s Consumer Inflation Expectations and M3 Money Supply figures. In addition, the ECB’s McCaul is due to speak.
GBP/USD left behind three straight days of losses and approached the key 1.3000 yardstick amidst decent gains. The GfK’s Consumer Confidence will grab all the attention at the end of the week across the Channel.
The selling pressure in the Greenback and lower US yields weighed on USD/JPY, sending it back below 152.00. The final Coincident Index and Leading Economic Index are next on tap followed by the Tokyo CPI figures.
AUD/USD ended the session with marginal gains following the weaker US Dollar. Next on tap in Oz will be the release of the RBA’s Monthly CPI Indicator on October 30.
Demand concerns coupled with uncertainty around the upcoming US elections and the Middle East weighed on crude oil prices and dragged the barrel of the American WTI below the $70.00 mark per barrel.
Gold prices reclaimed some ground lost in the previous session and retested the area above the $2,730 mark per ounce troy helped by the offered tone in the Greenback and shrinking US yields. Silver prices traded in a volatile fashion, alternating gains with losses around the $33.60 zone.
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 holds steady above 1.0800, looks to post weekly losses
EUR/USD trades marginally higher on the day above 1.0800 after the data from the US showed that Durable Goods Orders declined by 0.8% in September. Nevertheless, the pair remains on track to close the fourth consecutive week in negative territory.
GBP/USD extends recovery to 1.3000 area
GBP/USD extends its recovery and trades at around 1.3000 in the American session on Friday. The US Dollar struggles to gather strength as the market mood remains positive heading into the weekend, allowing the pair to hold its ground.
Gold fluctuates in narrow range below $2,750
Gold stays in a consolidation phase and fluctuates in a relatively tight range below $2,750 on Friday. US Treasury bond yields stabilize in the American session, making it difficult for XAU/USD to gather directional momentum.
Crypto Today: XRP, Bitcoin and Ethereum decline as Ripple files response to SEC appeal
XRP loses over 1.30% as Ripple's executive confirms the filing of an important document in the appeals process in the SEC lawsuit. Bitcoin corrects less than 1% and sustains above $67,500. Ethereum is down nearly 0.20%, holding above the key support level of $2,500.
US elections: The race to the White House tightens
Trump closes in on Harris’s lead in the polls. Neck and neck race spurs market jitters. Outcome still hinges on battleground 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.