Forex Today: A light of hope in the trade war front
|Here is what you need to know Thursday, November 5th:
- The market’s sentiment improved a bit, on headlines indicating that the US and China are still moving forward in their trade deal, with talks suggesting they are currently discussing the amount of tariffs to roll back in phase one.
- The EUR/USD pair peaked at 1.1115, helped by dismal US data: the ADP survey showed that the private sector added 67K new jobs in November, way below the expected. The ISM Non-Manufacturing PMI also missed expectations, although the employment sub-component came in better-than-expected.
- The GBP/USD soared to fresh multi-month highs as election polls continue indicating a lead from Johnson’s Conservatives. The UK will go to the polls next December 12, and the market fears a hung Parliament although chances of that happening are limited.
- Crude oil prices soared after the US reported a larger than expected draw in stockpiles. The commodity hesitated on headlines indicating that Saudi Arabia threatened to boost oil production if some OPEC nations continue to defy the group’s output curbs.
- The Canadian dollar soared, boosted by crude oil rally and the BOC’s monetary policy statement, praising the resilience of the Canadian economy.
- Wall Street closed in the green, recovering some of its weekly losses.
- Cryptocurrencies came back to life. BTC/USD jumped to 7,700, settled around 7,5000.
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