Forex Today: Dollar clings to gains after the presidential debate, Bitcoin extends gains, PMIs eyed


Here is what you need to know on Friday, October 23:

The US dollar is holding onto Thursday's recovery. The presidential debate was more civilized than the previous one and post-event opinion polls are awaited. Earlier, hopes for a stimulus bill faded and allowed the dollar to recover. PMIs and COVID-19 statistics stand out on Friday.

Elections: US President Donald Trump and challenger Joe Biden clashed in their last debate, which was much more civilized than the previous encounter. The better tone may have convinced the few undecideds left. Nearly 50 million Americans have already cast their ballots, around 35% of the total 2016 vote count. 

Trump continues trailing Biden significantly in national and state polls, while the race to control the Senate – critical for legislation – is closer. 

More: 

Fiscal stimulus: While Democrats and Republicans have reported progress on talks, they have also expressed skepticism that a deal could be passed before election day. The diminishing chances of an accord have somewhat weighed on the safe-haven dollar. 

UK Retail Sales statistics for September stand out in the European morning with a moderate increase of 0.4% projected. Markit's preliminary purchasing managers' indexes for October are set to decline – amid the surge in British covid cases – but remain in growth territory.

GBP/USD has been falling from the highs it reached after the EU and the UK announced fresh Brexit talks. Negotiations continue in London. 

Preliminary PMIs are also eyed in the eurozone, where the composite indicator is set to drop below 50 – turning from expansion to contraction. Coronavirus infections and hospitalizations are surging in the old continent, with France expanding its nighttime curfew to additional regions. 

See Eurozone PMIs Preview: Surveys set to show impact of second coronavirus wave, rocking EUR/USD

US Initial Jobless Claims have resumed their falls, dropping under the 800,000 level in the week in which Nonfarm Payrolls surveys are held. Markit's US PMIs are forecast to remain stable. 

Oil prices have edged higher but remain around the $40 level. Gold has stabilized above $1,900 after falling from the highs earlier in the week. 

Cryptocurrencies have been extending their uptrend, with Bitcoin surpassing $13,000 and Ethereum topping $400. 

More Where next for the US dollar and gold? Covid, jobs, and the elections all considered

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

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD consolidates near 1.1870 ahead of EU Retails Sales data

The selling tone surrounding the US dollar amid falling US Treasury yields keeps EUR/USD on the verge of daily gains. After touching the low of 1.1753, the pair continues to march higher since the beginning of the week.

EUR/USD News

GBP/USD: Key DMAs test up-moves past 1.3900

GBP/USD seesaws around 1.3920-15 amid the initial Asian session on Wednesday. In doing so, the cable takes rounds to 50.0% Fibonacci retracement (Fibo.) of June–July downturn while keeping the previous day’s rebound from the resistance-turned-support line from June 01.

GBP/USD News

Gold stuck in familiar ranges, bears seek break of $1,790, bulls $1,834

The price of gold on Tuesday was a touch softer within familiar ranges. XAU/USD ended down some 0.17% at $1,810.45 and had ranged between a high of $1,815.06 and a low of $1,807.17. The greenback steadied on Tuesday and is holding in familiar ranges as bulls seek a break of 92.20 resistance. 

Gold News

Three reasons why Shiba Inu price will quickly drop 45%

Shiba Inu price has trended lower in a descending parallel channel since the May crash, offering only brief opportunities from low probability patterns or setups. 

Read more

NZD/USD: Bulls attack 0.7050 on strong NZ Q2 Employment data

NZD/USD holds on to the weekly gains while taking the bids around 0.7035, 0.26% intraday, during early Wednesday morning in Asia. The kiwi pair recently gained on firmer second quarter (Q2) employment report from New Zealand (NZ).

NZD/USD News

Forex MAJORS

Cryptocurrencies

Signatures