What you need to know on  Friday, October 10:

 Markets were in a better mood on Thursday, amid news that US Senate majority leader Chuck Schumer announced an agreement on extending the debt ceiling by $408 billion until early December.  

Also, gas prices declined in Europe, taking off some of the pressure seen these days. Gas prices soared to records this week amid supply concerns, easing today after US President Vladimir Putin said it would consider increasing gas supplies. Putin said to be thinking about a “carefully” possible increase in gas supplies, as the current hike in prices is not beneficial for Russia. “The high prices do not meet Russia's interests and the market needs to be stabilized as soon as possible,” Deputy Prime Minister Alexander Novak added.

Crude oil prices initially fell, but finished the day with substantial gains, with WTI trading at around $78.80 a barrel at the end of the day.

Gold traded with a softer tone amid dominant risk appetite, although given the decreased dollar’s demand, the bright metal held within familiar levels. Spot gold settled at around $1,756 a troy ounce.

The EUR/USD pair held around 1.1550, unable to take advantage of the broad dollar’s weakness, as dismal EU data keeps undermining demand for the shared currency. GBP/USD posted a modest advance and settled around 1.3620. Commodity-linked currencies were the best performers, reaching fresh weekly highs. AUD/USD trades around 0.7310 while USD/CAD hovers around 1.2540.

Safe-haven currencies edged lower against the greenback, as US government bond yields recovered toward the upper end of their weekly range. Also, global equities posted substantial gains.

Market attention now shifts to the US Nonfarm Payroll report. US Federal Reserve chief Jerome Powell has said that a good employment report could be enough to convince him on tapering, hence the relevance of the figures.

Bitcoin targets $60,000 next as BTC enters new leg up in bull market

 


Like this article? Help us with some feedback by answering this survey:

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 Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory. 

EUR/USD News

GBP/USD struggles to hold above 1.2300

GBP/USD struggles to hold above 1.2300

GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data. 

GBP/USD News

Gold stays below $1,830 as US yields edge higher

Gold stays below $1,830 as US yields edge higher

Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.

Gold News

Why Cardano could surprise over the weekend

Why Cardano could surprise over the weekend

ADA  set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures