Here is what you need to know on Wednesday, October 28:

Major pairs continued trading in tight, familiar ranges. The market motors from last week, a US stimulus package and Brexit talks, have been set aside, as those continue without progress.

The pandemic is once again taking center stage. The WHO said that Europe is now the new epicenter, as most countries are reporting daily record cases, above those reported in March and April. Market talks indicated that some governments are considering nationwide lockdowns. French President Macron will address the nation on Wednesday on the issue. Also, Dutch Prime Minister Rutte said that is too early to decide if more measures are needed, but added that a total lockdown is being considered. Meanwhile, Spain declared the state of emergency, while Italy urged people to stay home.

US data was upbeat, with Durable Goods Orders sharply up in September, yet not enough to trigger some dollar’s demand.

Equities remained under selling pressure, although US indexes ended the day mixed, not far from their opening levels. US Treasury yields edged lower for a third consecutive day.

The AUD/USD pair hovers around 0.7130, lacking directional strength. Australian Q3 inflation figures to be out early Wednesday may spur some action around the pair.

The USD/CAD pair closed in the red, despite crude oil prices got to bounce, ending the day at $39.40 a barrel.

Gold posted a modest intraday advance and finished the day around $1,908.00 a troy ounce.

 Crypto enthusiasts grow “extremely greedy” suggesting a major correction is underway

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD recaptures 1.0750 as USD wilts ahead of US PCE Inflation

EUR/USD recaptures 1.0750 as USD wilts ahead of US PCE Inflation

EUR/USD remains strongly bid near weekly highs above 1.0750 amid notable US dollar supply and risk-on flows. Shrinking Fed vs. ECB divergence appears the key catalyst to recall bulls, US PCE inflation eyed. 

EUR/USD News

GBP/USD exceeds 38.2% Fibo retracement and 200-EMA, 1.2700 eyed

GBP/USD exceeds 38.2% Fibo retracement and 200-EMA, 1.2700 eyed

The GBP/USD pair is sensing a mild selling pressure near 1.2660 after a vertical upside move in the Asian session. The cable has remained in the grip of bulls after hitting the monthly lows at 1.2155. A two-day winning streak has been continued by the pound bulls on Friday after overstepping Thursday’s high at 1.2621.

GBP/USD News

Gold bulls stay hopeful whilst above $1,846, US PCE inflation eyed

Gold bulls stay hopeful whilst above $1,846, US PCE inflation eyed

Gold Price looks to extend the rebound from 200-DMA this Friday. The USD melts amid risk-on trading, cooling off aggressive Fed tightening bets. XAUUSD is supported at 100-SMA on the 4H chart, more gains likely?

Gold News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price continues to produce lower lows on a four-hour time frame. As DOGE approaches the $0.073 support floor, investors can expect a decent bounce to $0.087.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures