Dollar selling spiral could continue on Friday
What to know on Friday, October 29:
The dollar fell after two leading events, ending the day sharply lower across the forex market. The preliminary estimate of The third quarter gross domestic product grew by a modest 2%, missing expectations. Wall Street has recovered from Wednesday’s crisis, as weak growth portends less aggressive financial tightening.
The European Central Bank left its monetary policy unchanged as expected. The statement was roughly a copy of the previous meeting, with policymakers pledging to maintain financial support for as long as needed and reiterating that inflation would soon recede from the current 13-year high.
Among others, President Christine Lagarde declared that the The PEPP will probably end in March 2020, as originally expected, but added that no rate hikes are expected throughout 2022. “What comes next we will discuss in December,” she said. On inflation, she blamed it on rising energy prices and supply chain issues, but those who have read between the lines noted that she and her colleges are more concerned. than what they showed.
Brexit nervousness has returned. France stopped a British boat and another was fined, amid an escalation on fishing rights. The British government summoned the French ambassador to clarify the situation.
EUR / USD has flirted with the 1.1700 level, now hovering in the 1.1680 price zone. GBP / USD met sellers around 1.3800 as Brexit headlines capped the advance.
Commodity currencies gained ground, with AUD / USD reaching its highest since early July. CAD gains have been timid as oil prices remain weak.
Gold struggled to overcome the 1,800 level despite the dollar’s general weakness, settling at $ 1,798 per troy ounce. WTI ended the day at $ 82.80 a barrel.
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