Forex Today: Commons approved UK elections on December 12

FXStreet Team FXStreet

Here is what you need to know Wednesday, October 30th:

Brexit and the US-China trade relationship kept leading the way. Regarding this last, hopes faded on news suggesting that both economies may not sign the phase one of the trade agreement when they meet next November in China. Sentiment turned sour afterward, although market participants rather held ground ahead of US first-tier events scheduled for this Wednesday. The dollar eased, helping EUR/USD to recover the 1.1100 threshold.
The Pound got an intraday boost from news indicating that the Labour Party was willing to support a December election. MPs approved PM Johnson’s motion for a second and a third hearing of the Election Bill, finally accepted by the House of Commons. GBP/USD held on to modest gains at the end of the day.
head of Wall Street’s close, news made the rounds indicating that the Bank of Japan will start lending shares in exchange-traded funds to brokerages to restore the liquidity drained out of the market via its massive stimulus program. The BOJ will have a monetary policy meeting on Thursday.
Commodities remained under selling pressure, with gold losing the 1,5000 level.
Equities traded in a dull fashion, waiting for US first-tier data.

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD weakens to two-week lows near 1.3520

GBP/USD trades on the back foot, returning to the low 1.3500s, or two-week troughs, on Tuesday. Cable’s bearish price action follows decent gains in the Greenback at the time when investors assess latest US data releases and the persistent uncertainty in the US-Iran crisis.

EUR/USD remains offered; breaks below 1.1600

EUR/USD now accelerates its daily correction, breaching below the key 1.1600 support level on Tuesday. The pair’s daily correction comes on the back of a decent bounce in the US Dollar despite disappointing US data releases and amid persistent geopolitical concerns.

Gold flirts with multi-week lows near $4,300

Gold accelerates its correction and recedes toward the key $4,300 mark per troy ounce on Tuesday. The yellow metal’s persistent decline comes in response to the solid performance of the US Dollar and a sharp move higher in US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

Global bond market sell off haunts markets

Global sovereign bonds are selling off as we start a new month. The UK is, unsurprisingly, taking the biggest hit. Two and 10-year yields rose by 10 basis points at one point on Tuesday, and are currently higher by 7 and 8bps respectively.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.