Global stocks bounced back on Friday as the market cheered the latest news by Evergrande. Chinese media reported that the company had managed to pay a missed interest payment on a dollar bond. The company had a deadline of this weekend to avoid a default. The media reported that the company moved $83.5 million to Citibank, the trustee of the bank. Still, the company faces additional liquidity challenges going forward. Its attempts to sell its property management business failed. It is still attempting to sell a stake it holds in a Chinese bank. In Europe, the FTSE 100, DAX, and CAC 40 indices rose by more than 0.40%. Similarly, in the United States, futures tied to the Dow Jones and S&P 500 also rose. 

US stocks rose slightly as investors focused on the ongoing earnings season. Some of the top movers are companies like Snap and Intel. Snap, the owner of Snapchat, declined by more than 25% after the company downgraded its forward guidance. It blamed a new iOS update that allowed users to block cookies instantly. Intel shares also declined in extended hours after the company released disappointing sales. It cited supply shortages for the performance. Another top mover in extended hours was the Digital World Acquisition Corp (DWAC). The stock rose by more than 300% on Thursday after it announced that it will merge with a media company started by Trump.

The GBPUSD pair rose after the Bank of England (BOE) chief economist warned that the country’s inflation would rise to 5% in the coming months. He also hinted that the bank will start deliberating on tightening in the upcoming meeting that is scheduled for November. In a statement on Sunday, the BOE governor said that the bank would intervene to limit a rise in prices. Meanwhile, the UK released disappointing data today. Retail sales declined by 1.3% in September while core sales fell by 2.6%. Earlier this week, the country also published weak inflation data.


The GBPUSD pair rose even after the weak retail sales data. It moved to a high of 1.3810, which was substantially higher than this month’s low of 1.3410. On the four-hour chart, the pair has moved above the 61.8% Fibonacci retracement level. It has also risen above the 25-day and 15-day moving averages. The price has also moved between the ascending channel shown in green. Therefore, the pair will likely keep rising as bulls target the key resistance at 1.3900.



The EURUSD pair was little changed after the mixed flash manufacturing and services PMI data by Markit. The pair is trading at 1.1635, which is at the same level as the 25-day moving average. The pair is above the neckline of the head and shoulders pattern at 1.1620. The Williams %R has moved from the overbought level. Therefore, the pair will likely have a bearish breakout in the coming days.



The ETHUSD made a major bullish breakout on Thursday as interest in cryptocurrencies rose. It rose to a high of 4,380, which was its all-time high. It then pulled back and is currently trading at 4,125. On the four-hour chart, the pair’s bullish trend is still being supported by the short and long moving averages. The MACD is also slightly above the neutral level. Therefore, the pair will likely keep rising as bulls target this week’s high.


General Risk Warning for FX & CFD Trading. FX & CFDs are leveraged products. Trading in FX & CFDs related to foreign exchange, commodities, financial indices and other underlying variables, carry a high level of risk and can result in the loss of all of your investment. As such, FX & CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with FX & CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to FX or CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD recovers toward 1.1350 on modest dollar weakness

EUR/USD edged higher in the early American session and managed to erase its daily losses. Ahead of Fed Chair Powell's testimony, the pair is closing in on 1.1350. Earlier in the session, the data from the US showed that employment in the private sector rose by 534,000 in April, surpassing the market expectation of 525,000. 


GBP/USD extends sideways grind around 1.3300 ahead of Powell's testimony

GBP/USD continues to move sideways around the 1.3300 handle on Wednesday after the data from the US failed to trigger a significant market reaction. The ADP Employment Change arrived at +534K in November, compared to the market expectation of 525,000. FOMC Chairman Powell will testify at 1500 GMT.


Gold still depressed despite the better market mood

Gold recovered on Wednesday alongside the market’s mood, currently trading in the $1,780.00 region. The bright metal advanced on easing demand for the American currency, as stocks turned green following Tuesday’s setback. 

Gold News

Bitcoin to blast off to $100,000 following Plan B’s Stock-to-Flow model

Analysts are evaluating the probability of Bitcoin hitting fresh all-time highs before the end of 2021. There is a spike in fear among Bitcoin traders, but open interest in the futures market remains high despite sell-off. 

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!