Forex Today: Weekend noise anticipates a shaky start to the week

FXStreet Team FXStreet

Here is what you need to know Monday, October 21st:

Brexit remained in the limelight. On Saturday, the UK Parliament passed an amendment that forced PM Boris Johnson to ask for an extension, something that he did late Saturday. EU’s Council President Donald Tusk confirmed that he received the letter, and that will now pass it to the EU27. Johnson still aims to pass the Withdrawal Bill this week and pull the UK out of the Union by the end of October, or shortly after.
Given Brexit-related news, the action is granted at the weekly opening. Speculators are evenly split between optimism and pessimism, as the delay in Brexit could be read as another disappointment, yet at the same time, bring additional relief. Major pairs are expected to gap at the weekly opening.
The greenback fell by the end of the week on the heels of dismal US data and poor earnings reports, which lifted concerns about a probable US recession. Safe-havens were modestly up, holding within familiar ranges, indicating that the markets are somewhat willing to remain positive.
Crude oil prices fell Friday, dragged by the sour tone of Wall Street and worse-than-expected Chinese Q3 GDP, putting a lid on future demand.
Cryptocurrencies traded dully throughout the weekend, consolidating at the lower end of their monthly range.

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FXStreet Team

FXStreet

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.