Forex Today: Trump gives it, Trump takes it away


Here is what you need to know on Wednesday, October 7:

 Major pairs spent most of the within familiar levels this Tuesday, as speculative interest finished digesting US Trump’s coronavirus situation and shifted its focus to other issues, such as Brexit talks and a possible US coronavirus aid package.

The dollar picked up ahead of Wall Street’s close, as risk aversion took over the financial boards, following a tweet from US President Trump.  Trump said that House Speaker Nancy Pelosi is "not negotiating in good faith," and called off stimulus negotiations until after the elections. US indexes turned red, while Treasury yields retreated from multi-week highs.

The EUR/USD pair peaked at a fresh 2-week high of 1.1807, despite discouraging comments from ECB’s President, Christine Lagarde, who expressed concerns about the economic recovery, saying that she fears that instead of a V-shaped recovery, the rebound would be shaky.

The GBP/USD pair pierced 1.29 ahead of the close, with the Pound pressured by reports indicating that the EU has no plans to offer concessions to the UK ahead of Boris Johnson’s deadline on October 15.  Instead, the Union is ready to extend talks into mid-November and risk a no-deal rather than give up on its demands about a level playing field and fisheries rights.

Commodity-linked currencies suffered the most from late risk aversion. The Aussie was among the worst performer, as Gold prices sunk with the news. The bright metal fell towards $1,890.00 a troy ounce, ending the day nearby.

Crude oil prices were the less affected by Trump’s comments, and were able to close the day with gains. WTI settled around $40.00 a barrel.

Ripple Price Prediction: XRP most recent rejection signals a potential drop to $0.215

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: ECB and US Treasury yields to make it or break it

The EUR/USD pair fell to a fresh 2021 low at 1.1892 this week, ending with a handful of pips above this level. The dollar soared across the board following comments from the head of US Federal Reserve Jerome Powell.

EUR/USD News

GBP/USD: Dollar bulls taking over

The British Pound was among the best performers against the greenback, surging above the 1.4000 level for the first time this week. Soaring US Treasury yields after Powell’s speech sent the dollar skyrocketing. GBP/USD struggling around 1.3900 and at risk of falling further.

GBP/USD News

Gold still eyes June 2020 lows at $1670 after weekly closing below $1700

Weekly closing below $1700 keeps the XAU/USD sellers hopeful. A bounce towards 50-SMA on 4H cannot be ruled out in the near-term. RSI stays bearish while gold holds within a potential falling wedge.

Gold News

Ethereum price primed for a swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

Read more

US Dollar Index pushes higher to 92.20 on stellar Payrolls

The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures