Forex Today: Markets whipsawed on fast-moving trade headlines, Canadian jobs and US consumer sentiment eyed

Here is what you need to know on Friday, November 8:
- Trade: Contradicting reports about the state of US-Sino talks have been whipsawing markets. The world's largest economies are set to include a rollback of tariffs in the phases of agreement, but fierce internal opposition is holding progress back. Among White House advisers, Larry Kudlow has expressed optimism and readiness for concessions, while Peter Navarro has said that nothing has been agreed, and everything depends on President Donald Trump. The mood leans toward risk-off on Friday after a risk-on atmosphere on Thursday. Gold prices stood out with a substantial drop.
- Chinese trade balance figures have shown a smaller than expected drop in exports. 
- US data: The University of Michigan's preliminary Consumer Sentiment Index for November is set to show a small improvement, confirming the strength of the consumer. See US Michigan Consumer Sentiment Preview: The Beijing express arrives in the station
- GBP/USD is struggling around 1.28 after the Bank of England painted a more gloomy picture of the local and global economies. Two members of the Monetary Policy Committee voted for a rate cut. 
- AUD/USD has been losing ground after the Reserve Bank of Australia's Summary of Monetary Policy has shown that the bank is reluctant to raise rates even if the global economy picks up.
- Euro-zone: The European Commission's new forecasts have included a downgrade of GDP forecasts from 1.2% to 1.1% this year and from 1.4% to 1.2% in 2020. German trade balance and French industrial output are eyed today.
- USD/CAD has been moving higher amid a drop in oil prices and ahead of Canada's jobs report. A modest increase in positions is expected in October after a leap of 53.7K in September. See Canada Employment Preview: The Bank of Canada’s patience is rewarded
- Cryptocurrencies have been edging lower, with Ripple's XRP struggling more than its peers.

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Bearish hammer on D1 ahead of ECB minutes

EUR/USD is looking heavy ahead of the minutes of the ECB Oct policy meeting, which are expected to show the members stand divided on which course to take. Waning trade optimism will likely keep the EUR on the defensive.


GBP/USD turns positive above 21-DMA as challenges to Tories recede

With the Tory supporters paying little heed to the previous day’s ITV debate, not to forget a surprise turnaround in the opposition Labour party loyalists, GBP/USD trades  better bid above 1.2900 while heading into the London open on Thu.


USD/JPY bounces-off 50-DMA but lacks follow-through

USD/JPY has bounced up from the 50-day MA support of 108.28. China's Vice Premier Liu He is cautiously optimistic about the prospects of the US-China trade deal. Related markets, however, are not buying Liu He's optimism, keeping the recovery in check. 


Gold: Doji on D1 questions bulls amid mixed trade sentiment

Although the United States’ (US) support for Hong Kong protesters favors the broad risk-off momentum, the mixed response from Chinese diplomats and a bearish candlestick formation question Gold buyers around $1,473 during early Thursday.

Gold News

Hong Kong now a feature in trade negotiations?

The US Senate and House have both passed the Hong Kong Human Rights and Democracy Bill, so now it heads to the desk of US President Trump to either sign or veto it. Sources suggest that the President will sign it into law.

Read more