Forex Today: Trump's trade hope lifts markets, Boris brings elections to parliament, Bitcoin bruised by Chinese warning

Yohay Elam FXStreet

Here is what you need to know on Tuesday, October 29:

Trade: US President Donald Trump has said that most of the trade deal with China is done, pushing stocks higher. Commodity currencies are up, and USD/JPY is close to the highs, trading around 109.
Brexit: UK Prime Minister Boris Johnson has accepted that Brexit will not happen on October 31. The EU is set to formalize the extension to January 31, 2020. The PM has failed in his latest attempt to call elections but is set to succeed by using a different legal route. Together with the Liberal Democrats and the Scottish National Party (SNP), parliament is expected to promote a bill that will allow a poll on December 9 or December 12. Labour is reluctant to support the accord due to poor polling numbers and its fear that a no-deal Brexit is still on the cards. GBP/USD is awaiting developments around 1.2850.
Bitcoin has been retreating from the highs after China issued a warning about blockchain. BTC/USD is still trading around $9,400.
Japan: Inflation figures for the Tokyo region have shown weakness. The Bank of Japan announced its decision early on Thursday.
Europe: Outgoing European Central Bank President Mario Draghi reiterated his call on governments to do more in a ceremony where he passed the baton to successor Christine Lagarde.
Fed: Tension is mounting ahead of the Federal Reserve's decision on Wednesday. The Fed is set to cut rates but signal a pause is coming.
Data: The Conference Board's Consumer Confidence gauge for October stands out today. Consumers have been leading the economy. See US Conference Board Consumer Confidence Preview: The FOMC is watching the consumer

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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