Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Greenback slumps, pound surges
On Wednesday, the evergreen buck slumped versus a pack of other key currencies due to the fact the UK currency soared after comments on Brexit by EU negotiator Michel Barnier.
Estimating the US currency’s purchasing power versus its six main counterparts, the USD index headed south to 94.57, which is not far from Wednesday’s one-month minimum of 94.34.
Market sentiment was backed by expectations that Canada will join the fresh trade pact between the Mexico and America aimed at modifying the North American Free Trade Agreement.
However, the new trade deal didn’t do much to show how a trade clash between China and American might develop after negotiations the previous week brought no progress and both countries imposed new reciprocal duties on imports.
The evergreen buck demonstrated minor reaction to data disclosing that American economic surge turned out to be stronger than anticipated in the second quarter, demonstrating 4.2% became financial markets were still focused on geopolitical developments.
The UK currency managed to rally. The currency pair GBP/USD surged by 0.95% hitting 1.3000 right after EU negotiator Michel Barnier told that the EU was ready to offer a partnership with the United Kingdom such as has never been with any other state.
The given remarks relieved worries regarding the prospect of a no-deal Brexit.
The common currency steeply dived versus the UK currency. The currency pair EUR/GBP dipped by 0.87% being worth 0.9006.
The evergreen buck rallied versus Japan’s currency. The currency pair USD/JPY added by 0.25% coming up with an outcome of 111.47.
The common currency was nearly intact versus the evergreen buck. The currency pair EUR/USD showed 1.1693.
At the same time, the Turkish lira went down further versus the evergreen buck on Wednesday, suppressed by everlasting uncertainty as for the diplomatic clash between America and Turkey.
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
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