Forex Today: China limits scope for talks, EU skeptical on Brexit, and Trump's troubles mount


Here is what you need to know on Monday, October 7:

  • Market sentiment is somewhat damp after reports that China intends to limit the scope of a trade deal with the US. Chinese Vice Premier Liu He will lead a delegation to Washington later this week. AUD/USD is bearing the brunt of the fall. Other currency pairs are little-changed as a new week begins.
  • Brexit: European leaders have expressed pessimism about reaching an agreement with the UK by the EU Summit on October 17. French President Emmanuel Macron gave Britain until Friday to bring new proposals. Chief EU Negotiator Michel Barnier said the responsibility for a no-deal is Johnson's. The bloc's officials see Prime Minister Boris Johnson's plan as insufficient, especially as it fails to guarantee open borders in Ireland. In the meantime, the UK PM insisted the country will leave the EU on October 31, come what may. Negotiations resume today after Brussels refused to hold talks over the weekend. 
  • Impeachment inquiry: A second whistleblower has reportedly come forward to provide information against President Donald Trump. The law firm representing the first whistleblower says it is in talks with additional people with data. House Democrats are set to hold more closed-door hearings during the week. Opinion polls have shown a minor shift against the president. 
  • Jerome Powell, Chair of the Federal Reserve, said that the US economy is in a good place in a speech on Friday. His remarks came after the US Non-Farm Payrolls report for September showed a mixed picture with a satisfactory increase in jobs, disappointing wage growth, and a drop in the unemployment and underemployment rates. Powell will make another public appearance today, but he will likely refrain from commenting on monetary policy.
  • German Factory Orders and euro-zone Sentix Investor Confidence may be of interest in an otherwise light day on the economic calendar. 
  • Cryptocurrencies have been on the back foot with Bitcoin slipping below $8,000. 
  • Oil prices have failed to recover after the massive sell-off last week and WTI remains below $53. 

 

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.

Feed news

Take advantage of market volatility with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds on to weekly gains, aims to 1.2100

EUR/USD pressures this week high at 1.2079 after the EU services sector moved back into expansion territory according to Markit, the first time since August.

EUR/USD News

GBP/USD extends decline towards the 1.3800 price zone

Upbeat UK data fell short of boosting the pound, hurt by Brexit jitters in Ireland. US macroeconomic figures making the difference in the dollar’s favor.

GBP/USD News

Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD drops below $1,780 area as US T-bond yields rebound

Gold lost its traction after climbing toward $1,800 on Friday. 10-year US Treasury bond yield is up nearly 2%. Latest PMI data from US underlined strong price pressures.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures