Forex Today: Super Wednesday features the Fed, US GDP, and lots more as Brits brace for "jingle polls"

Yohay Elam FXStreet

Here is what you need to know on Wednesday, October 30:

Brexit: Brits will go to the polls on December 12 after the House of Commons finally made its decision on Tuesday. The British press has dubbed the pre-Christmas elections as "jingle polls." Prime Minister Boris Johnson's Conservatives are leading the polls and aim to pass the Brexit deal. The opposition Labour, Liberal Democrats, and the Scottish National Party want a second referendum. GBP/USD has remained in the mid-1.2800s.
Super Wednesday: A significantly busy day awaits US traders. The day kicks off with ADP's private-sector jobs report (see preview), which serves as a hint toward Friday's Non-Farm Payrolls. The first estimate of US Gross Domestic Product for the third quarter is set to show a slowdown to sub -2% annualized growth. See GDP preview: How slow is slow? The Conference Board's Consumer Confidence gauge for October fell short of expectations.
Fed: Later in the day, the Federal Reserve is set to cut interest rates for the third consecutive time but signal that it plans to pause. Inflation has picked up, and trade tensions have eased, but the labor market and investment are of concern. Jerome Powell, Chair of the Federal Reserve, may struggle to explain how three rate reductions do not consist of an easing cycle.
Fed Previews:
Federal Reserve October 29-30 FOMC Preview: Three and done
Fed Cheat Sheet: Three scenarios for EUR/USD price action as uncertainty is higher than usual
Trade: US-Sino trade talks continue with contradicting reports about the chances of signing a deal in the APEC Summit on November 17. China said that US criticism of human rights violations in Xinjiang is "unhelpful."
BOC: The Bank of Canada also announces its decision today and is set to leave interest rates unchanged (see BOC preview). Canadian employment is upbeat, and inflation has steadied at healthy levels. The Canadian Dollar has been gaining ground in recent weeks.
Australia: Consumer prices rose by 0.5% in the third quarter, as expected. The data feed into next week's rate decision. AUD/USD remains stable.
Euro-zone: Preliminary Consumer Price Index figures from Germany are expected to show another slowdown in inflation ahead of the euro-zone numbers on Thursday.
Gold remains below $1,500, while WTI Crude Oil is hovering around $55 ahead of the Fed decision.
Cryptocurrencies are on the back foot, reversing some of the gains recorded on Tuesday. Bitcoin holds above $9,000.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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