The Greenback’s rally continued to give some signs of potential exhaustion on Wednesday, despite encouraging prints from the job creation in the US private sector and further evidence of a resilient US economy.
Here is what you need to know on Thursday, October 31:
The US Dollar Index (DXY) receded to three-day lows and pierced the 104.00 support amidst the generalised weakness in US yields across the spectrum. The PCE data will take centre stage, seconded by the weekly Initial Jobless Claims, Personal Income and Spending, the Chicago PMI, Challenger Job Cuts, and the Employment Cost Index.
EUR/USD gathered extra steam and challenged the critical 200-day SMA near 1.0870, up for the third straight day. Germany’s Retail Sales and Import Prices are due in the first turn, seconded by the preliminary Inflation Rate in the euro area as well as the Unemployment Rate.
GBP/USD came under pressure following two daily advances in a row and a climb to four-month tops in UK 10-year gilts. The speech by the BoE’s Breeden will be the only event on the UK docket.
USD/JPY saw another session of sidelined trading amidst steady prudence prior to the interest rate decision by the BoJ and vital US data releases. The BoJ’s interest rate decision will be the salient event followed by the BoJ Quarterly Outlook Report. In addition, advanced Industrial Production results are due along with weekly Foreign Bond Investment figures, Housing Starts, and Construction Orders.
AUD/USD regained the smile and reversed three daily retracements in arow, coming just short of the key 0.6600 hurdle. Retail Sales will be published in Oz, seconded by Housing Credit figures, Export and Import Prices, and Private Sector Credit data.
WTI prices rose to weekly highs on the back of a bullish weekly report from the EIA and speculation that the OPEC+ could delay its plans to boost the oil output in December.
Prices of Gold maintained their upside well in place, reaching an all-time peak near the key $2,800 mark per ounce troy. Silver prices, on the flip side, faded Tuesday’s robust uptick and deflated well below the $34.00 mark per ounce.
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.
Recommended content
Editors’ Picks
EUR/USD clings to gains near 1.0950 on US Dollar weakness
EUR/USD stays in positive territory near 1.0950 on Tuesday as the US Dollar (USD) struggles to find demand. The recovery in risk sentiment undermines the haven demand for the USD, lifting the pair. Dovish Fed expectations also weigh negatively on the Greenback. Markets await tariff headlines.
GBP/USD recovers toward 1.2800 on improving risk mood
GBP/USD holds its ground and edges higher toward 1.2800 in the second half of the day on Tuesday. The pair draws support from renewed US Dollar weakness and a positive shift in risk sentiment but US President Trump's tariff war and global growth concerns could limit its upside.
Gold bounces back above $3,000 as trade war tensions flair up
Gold price is bouncing higher in tandem with equities after another stellar nosedive move on Monday. The precious metal trades above the $3,000 to start the American session. The bounce is supported by a technical element on the one hand and a geopolitical driver on the other.
Who is Satoshi? Crypto lawyer sues DHS to reveal Satoshi Nakamoto's identity
James Murphy, a cryptocurrency lawyer popularly known to his followers on X as "MetalLawMan," has filed a lawsuit in a D.C. District Court against the Department of Homeland Security (DHS). He intends to uncover the real face or faces behind Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
The Fed is looking at a hefty price level
We are still in thrall to tariffs, the faux-macro “data” driving markets. The WSJ editorial board advised other countries to take their tariffs to zero so that Trump’s “reciprocal” tariffs will have to be zero, too. Cute, but no cigar.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.