Forex Today: Central banks and US growth under the spotlight
|What you need to know on Tuesday, October 26:
The week started with a pitch of caution ahead of multiple first-tier events. The European Central Bank, the Bank of Japan, and the Bank of Canada will have monetary policies this week. Furthermore, the US will release the preliminary estimate of its Q3 Gross Domestic Product, and core PCE inflation, the US Federal Reserve favourite inflation measure.
The American dollar ended the day mixed against its major rivals, particularly strengthening against the EUR and the CAD. The first was affected by dismal German data, while the second suffered from retreating oil prices. The EUR/USD pair trades around 1.1610 after falling to 1.1590. USD/CAD nears the 1.2400 figure.
GBP and AUD are up against the greenback, although holding below the highs posted last week. Finally, the USD/JPY pair hovers around 113.60, marginally higher on a daily basis.
US Treasury yields kick-started the day ticking higher but finished the day below Friday’s closing levels. The yield on the 10-year benchmark stands around 1.63% after peaking at 1.67%.
Wall Street managed to post modest gains, enough to reach fresh all-time highs.
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