There was no change in the FX world, which saw the US Dollar gather extra steam for yet another session and clinch fresh tops as investors continued to factor in the “Trump trade”, further easing by the Fed and key upcoming US data releases.
Here is what you need to know on Wednesday, October 23:
The US Dollar Index (DXY) rose further and finally broke below the key 104.00 barrier, reaching new highs despite yields eased marginally. The usual weekly Mortgage Applications tracked by MBA are due seconded by Existing Home Sales, and the EIA’s weekly report on US crude oil inventories. In addition, the Fed’s Bowman and Barkin are due to speak.
EUR/USD maintained its bearish tone unchanged and dropped to new lows around 1.0800. The advanced EMU’s Consumer Confidence will be published, seconded by speeches by the ECB’s Lagarde, Cipollone and Lane.
GBP/USD added to Monday’s losses and retreated slightly, briefly visiting the proximity of 1.2940. Next on tap across the pond will be the release of advanced S&P Global Manufacturing and Services PMIs on October 24.
USD/JPY picked up further upside momentum and surpassed the 151.00 hurdle following the extra improvement in the US Dollar. Next on the Japanese calendar will be the weekly Foreign Bond Investment figures along with the preliminary Jibun Bank Manufacturing and Services Index on October 24.
AUD/USD managed to regain balance and bounced off the 0.6650 zone to retest the area close to the key 0.6700 barrier. The flash Judo Bank Manufacturing and Services PMIs will come next on the Australian docket on October 24.
WTI prices rose markedly, adding to Monday’s uptick and reaching levels past the $72.00 mark per barrel on the back of escalating tensions in the Middle East and Chinese stimulus.
Gold prices rose to an all-time high near the $2,750 mark per ounce troy in response to steady uncertainty surrounding the US election as well as geopolitical concerns and weaker US yields. Silver prices extended their rally to the boundaries of the $35.00 mark per ounce, an area last visited in October 2012.
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.