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.
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