Market updates on October 24

Market updates on October 24

Key events ahead

ECB monetary policy statement – 14:45 MT (12:45 GMT)

ECB press conference – 15:30 MT (12:30 GMT)

Core durable goods orders - 15:30 MT (12:30 GMT)

  • The start of the European trading session has been volatile for the euro. After the releases of French flash services and flash manufacturing PMIs, where the actual figures came out higher than the forecasts, EUR/USD tested the 1.1160 resistance level, but inched lower on the disappointing German PMIs and flash manufacturing PMI for the Eurozone. Further attention of traders will be on the ECB meeting at 14:45 MT. If the ECB is hawkish, the pair will rise above the 1.1137 and 1.1151 levels, where it may retest the 1.1160 resistance level. If this level is broken, the next key resistance for bulls will be placed at 1.1172. On the other hand, if the ECB is dovish, EUR/USD will slide below the 1.1130 level. After that, reaching the support level at 1.1120 seems possible. The next key level from the downside will be placed at 1.11.


  • USD/JPY has moved lower to the support at 108.59. If bears break this level, their next target will be at 108.45. After that, the next support in focus will lie at 108.36. If buyers continue to dominate in the market, the 108.7 level will be broken. A further rise will be limited by the 108.77 and 108.85.


  • Gold has tested the support at $1,489 (50-day SMA). If the price for the yellow metal continues to fall, this level will be broken and the next support will lie at $1,486. After that, the $1,483 level will be important. Buyers will be looking for the retest of the $1,493.2 level. Further resistance levels will be placed at $1,495, $1,497 and $1,500.



USD starts the week with gains
USD starts the week with gains

Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.

ECB report is in focus
ECB report is in focus

The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

Latest news

How to trade ahead and after BOC report?
How to trade ahead and after BOC report?

The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.

US earnings in January 2021: what you need to know
US earnings in January 2021: what you need to know

We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.

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