FOREX NEWS

Forex Today: Falling yields spur a dollar sell-off – FXStreet


What you need to know on  Thursday, October 14:

The dollar sold-off on Wednesday dragged lower by falling US Treasury yields. The market mood was dismal throughout most of the day, with Asian indexes closing in the red after a mixed Chinese Trade Balance, which posted a surplus off $66.76 billion, much better than anticipated. Exports were sharply up, although imports contracted.

Yields were weaker ever since the day started, but accelerated their slump following the release of US inflation data. The September Consumer Price Index was upwardly revised to 5.4% YoY from a previous estimate of 5.3%,  while the core annual reading was confirmed at 4%.

The US Federal Reserve published the Minutes of its latest meeting. As expected, the document showed that policymakers are ready to kick-start tapering, a gradual reduction in the pace of asset purchases, aiming to end it in mid-2022.

Wall Street once again struggled to advance, with the three majors indexes closing mixed around their opening levels. JP Morgan announced upbeat third-quarter earnings, reporting profits of $11.7 billion.

The EU announced a series of proposals that would reduce the burden on Irish Sea trade created by Brexit’s Northern Ireland Protocol. Meanwhile, BOE’s Governor Andrew Bailey reiterated his hawkish message.

The EUR/USD pair trades near the 1.1600 figures near fresh weekly highs, while GBP/USD hovers around 1.3660. Commodity-linked currencies resumed their advances with USD/CAD trading at 1.2430 a fresh multi-month low, and the AUD/USD approaching 0.7400 ahead of the release of Australian employment figures.

Gold benefited the most from the broad dollar’s weakness, now trading at $1,791 a troy ounce. Crude oil prices remain steady, with WTI at around $80.50 a barrel.

Top 3 Price Prediction Bitcoin Ethereum Ripple: Crypto market bound for a brief correction


Like this article? Help us with some feedback by answering this survey:

Adblock test (Why?)


Scalping Strategy Course (DVD + Online) - $299.00

In the much anticipated Forex Scalping Strategy Course, Vic and Sarid show you short-term focused techniques and strategies to make quicker profits while reducing market exposure.




Forexmentor Coach's Corner First Month (Online) - $149.00

The Coach's Corner offers 2 live sessions per week, an integrated approach to trading, FREE access to the VicTrade video course and Darko's Pattern Trading Video Lessons.



Source link

Have your say