Forex Today: Risk-off kick started by US-Sino headlines
|Here is what you need to know Thursday, November 7th:
- Market participants were cautious ahead of clearer clues related to the US-Sino trade relationship. Risk sentiment was neutral throughout the first half of the day, turning sour mid-US afternoon amid discouraging headlines. According to news agencies, the meeting between US President Trump and his Chinese Counterpart Xi could be delayed until December as discussions continue over terms and venue.
- EU data came in better than anticipated, but the EUR/USD pair was unable to recover beyond the 1.1100 figure. The dollar recovered ground ahead of the China-US trade deal headlines, which gave the greenback an additional boost.
- The GBP/USD pair weakened within range, amid the absence of UK macroeconomic data and fresh Brexit developments.
- Safe-haven assets seesawed between gains and losses, but remain within familiar levels.
- Crude oil prices plummeted on reports the OPEC+ is not looking for additional cuts, while US stockpiles rose by 7.929M in the week ended November 1, largely surpassing the market’s expectations.
- Cryptocurrencies extended their consolidative phase.
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