What you should know about Forex on Monday, October 23 is as follows.
Monday’s Forex markets are comparatively quiet as investors hold off ahead of this week’s important macroeconomic data releases. The preliminary October Consumer Confidence data will be released by the European Commission later in the session, and Germany’s Bundesbank will publish its monthly report. The US docket for the American session will include the National Activity Index from the Federal Reserve Bank of Chicago.
Following a peak reached last week, the yield on the benchmark 10-year US Treasury bond remains below 5%, while US stock index futures saw a slight increase during the early European session. After Jim Jordan’s thirdNine Republican lawmakers declared their candidacies for speaker following Friday’s unsuccessful vote. It is reported that Republicans will get together on Monday to talk about the candidates and hold an internal vote on Tuesday morning.
Israel’s military, meanwhile, announced that it will intensify its aerial bombardment of Gaza and issued an order for residents to flee to the region’s northern regions. According to reports, the US government is attempting to persuade Israel to postpone a ground operation in order to give hostage talks more time and to facilitate the delivery of more humanitarian aid to the region.
Forex movement in pairs.
Although it ended the previous session in the green, the EURUSD pair was unable to hold above 1.0600. The two were seen traveling sideways in a narrow channel just above 1.0550 at the time of publication.
Friday saw a decline below 1.2100, but GBPUSD recovered. prior to the long weekend. As the new week gets underway, the pair appears to have stabilized above 1.2150. The UK Office for National Statistics will make available the August job data on Tuesday.
The Nikkei newspaper in Japan said on Sunday that officials at the Bank of Japan were thinking about modifying the yield curve control strategy due to increased uncertainty about the outlook for the global economy and the escalating geopolitical tensions in the Middle East. On Monday, the Nikkei 225 Index in Japan experienced a nearly 1% decline due to strong bearish pressure. The USDJPY exchange rate is still trading perilously near to 150.00 in the interim.
Demand for safe haven assets helped gold continue to rise, and on Friday it extended its weekly increase. Ahead of the move, XAUUSD reached a new multi-month high and nearly touched $2,000. Early on Monday, the pair staged a decline, and as of right now, it was trading lower than $1,980.
