|

Forex Today: Critical vote on Brexit, mixed messages on trade talks, Trudeau returned as Canadian PM

Here is what you need to know on Tuesday, October 22:

  • Brexit: Parliament will have its first say on Prime Minister Boris Johnson's deal today after 18:00 GMT. After Speaker John Bercow denied the government another "Meaningful Vote", Johnson has opted for the full legislation, known as the Withdrawal Act Bill (WAB). The House of Commons will then vote on the voting program which aims to conclude the process within three days, to get Brexit done by October 31. The opposition is set to push for amendments, including a customs union and a second referendum, which may derail the process. The EU is watching the process and ready to grant an extension. Another volatile day is likely for GBP/USD, which hovers around 1.30.
  • Trade talks: US officials have been sending mixed signals about the state of negotiations. White House adviser Larry Kudlow suggested that the US may drop its intention to slap new tariffs on December 15 if talks go well. President Donald Trump was also optimistic, while others suggested it may take move time. The broad market mood is positive. USD/JPY is below 109 and Gold under $1,500. 
  • Canada: Incumbent Prime Minister Justin Trudeau won a minority government and lost the popular vote. He is set to be returned as PM but will need support to pass major legislation. The Canadian dollar held up its gains, with USD/CAD trading below 1.31. The Bank of Canada's Business Outlook Survey and Canadian Retail Sales are on the agenda today.
  • US Existing Home Sales and the Federal Budget Balance are of interest, but trade and Brexit will likely set the tone. 
  • Cryptocurrencies have stabilized with Bitcoin around $8,200, 

Author

Yohay Elam

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

More from Yohay Elam
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD moves sideways below 1.1800 on Christmas Eve

EUR/USD struggles to find direction and trades in a narrow channel below 1.1800 after posting gains for two consecutive days. Bond and stock markets in the US will open at the usual time and close early on Christmas Eve, allowing the trading action to remain subdued. 

GBP/USD keeps range around 1.3500 amid quiet markets

GBP/USD keeps its range trade intact at around 1.3500 on Wednesday. The Pound Sterling holds the upper hand over the US Dollar amid pre-Christmas light trading as traders move to the sidelines heading into the holiday season. 

Gold retreats from record highs, trades below $4,500

Gold retreats after setting a new record-high above $4,520 earlier in the day and trades in a tight range below $4,500 as trading volumes thin out ahead of the Christmas break. The US Dollar selling bias remains unabated on the back of dovish Fed expectations, which continues to act as a tailwind for the bullion amid persistent geopolitical risks.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.