Markets very quiet as traders await next move

CAD Labor on deck

Nikkei 0.26% Dax 0.80%

UST 10Y 1.90%

Oil $56/bbl

Gold $1472/oz

BTCUSD $9135


Europe and Asia:

No Data


North America:

CAD Labor 8:30

USD U of M 10:0


It's been a quiet night in FX land with most of the majors contained to 20 pip ranges as currency markets waited for definitive news on the US-China trade conflict

Although Larry Kudlow the director of National Economic council confirmed that tariffs would be rolled back as part of any trade deal, Peter Navarro the assistant to the President noted last night that only Donald Trump had the power to rescind the tariffs on Chinese goods and implied that the President may be reluctant to do so at this time.

The push and pull of negotiations cast a pall on risk trades as markets have essentially decided to tread water until a definitive resolution to the matter is at hand.

Elsewhere the only data point of note today will be the Canadian labor data report at 13:30 GMT. The markets are anticipating a much smaller increase in jobs to 15.9K from 53.7 the month prior. USDCAD has been flirting with the 1.3200 figure ahead of the report and any disappointment could push the pair through that key resistance level very quickly.

Last week the BOC, which is one of the very few G-7 banks that remain in a neutral rather an accommodative mode, hinted that it would be open to rate cut especially if US rates continue to decline. A weaker jobs number would almost assure a policy move at the next meeting in December and could send the cross through 1.3300 by the end of the day.

Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: Bearish hammer on D1 ahead of ECB minutes

EUR/USD is looking heavy ahead of the minutes of the ECB Oct policy meeting, which are expected to show the members stand divided on which course to take. Waning trade optimism will likely keep the EUR on the defensive.


GBP/USD turns positive above 21-DMA as challenges to Tories recede

With the Tory supporters paying little heed to the previous day’s ITV debate, not to forget a surprise turnaround in the opposition Labour party loyalists, GBP/USD trades  better bid above 1.2900 while heading into the London open on Thu.


USD/JPY bounces-off 50-DMA but lacks follow-through

USD/JPY has bounced up from the 50-day MA support of 108.28. China's Vice Premier Liu He is cautiously optimistic about the prospects of the US-China trade deal. Related markets, however, are not buying Liu He's optimism, keeping the recovery in check. 


US Dollar Index recedes from tops, back below 98.00

The greenback, when tracked by the US Dollar Index (DXY), is struggling for direction in the proximity of 97.90 on Thursday. FOMC minutes stressed the Fed’s ‘wait-and-see’ stance. Philly Fed index, Claims, Fedspeak next on the docket.

US Dollar Index News

Gold: Doji on D1 questions bulls amid mixed trade sentiment

Although the United States’ (US) support for Hong Kong protesters favors the broad risk-off momentum, the mixed response from Chinese diplomats and a bearish candlestick formation question Gold buyers around $1,473 during early Thursday.

Gold News

Forex Majors