Forex Today: US-China trade talks loom
|Here is what you need to know Thursday, October 10th:
- US-China trade relationship remains as the main market driver. More headlines flood the news feeds, although some certainties are expected in the upcoming days, as trade talks are set to resume this Thursday in Washington.
- The Federal Reserve released the Minutes of its latest meeting, which failed to impress. The document showed that policymakers still see the risks coming from abroad, while don’t believe the economy is heading into a recession. Called September rate cut “appropriate,” reiterated the economy is in good shape despite risks. Among the most encouraging lines out-stands the fact that several policymakers favored keeping rates steady, as they believe that baseline economic projection had changed very little and that uncertainties would not derail the economic expansion.
- The EUR/USD pair settled around 1.0970, held within familiar levels.
- The GBP/USD pair remains under selling pressure near the 1.2200 figure, amid fading hopes of a Brexit deal before the end of the month. Headlines indicating that the EU would grant some options about the Irish backstop sent the pair up to 1.23, yet the pair changed course as the news was denied.
- Crude oil prices rallied alongside equities, but retreated from daily highs ahead of the close, weighed by the US EIA report, which showed that crude oil stocks in the US increased by 2.9 million barrels in the week ending October 4th, largely surpassing the market’s expectations.
- Cryptocurrencies recovery, with BTC/USD hovering around a critical resistance in the $8,500 price zone.
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