Here's what you have to know on Wednesday, October 14: The safe-haven US greenback held onto its latest restoration rally fro
Here’s what you have to know on Wednesday, October 14:
The safe-haven US greenback held onto its latest restoration rally from three-week lows, benefiting from broad risk-aversion amid a pause within the Johnson and Johnson COVID-19 vaccine trial and no signal of an finish to the US fiscal stimulus impasse.
The Asian fairness markets flashed pink, dragged down by the losses in Hong Kong and Chinese language shares. The Asian shares tracked its Wall Road friends decrease. The US inventory futures, nevertheless, ticked larger and supplied some respite to the higher-yielding Australian greenback.
AUD/USD recovered floor following an early dip to close 0.7150 area. The aussie hit recent weekly lows after China introduced a ban on shipments of Australian coal. NZD/USD outperformed in Asia however remained beneath the 0.6670 crucial barrier. RBNZ’s Hawkesby mentioned New Zealand’s economic system wants continued assist whereas markets ignored feedback from China’s President Xi Jinping.
EUR/USD traded lifeless close to 1.1750, licking its wounds after Tuesday’s sell-off. Localized lockdowns in Europe’s key economies, amid rising coronavirus circumstances, and the German ZEW disappointment knocked-off the shared forex. Focus stays on ECB President Christine Lagarde’s speech.
GBP/USD prolonged Tuesday’s sell-off and neared 1.2900, within the face of no progress between the UK and the EU on a post-Brexit transition commerce deal, as they attain the October 15 deadline. In the meantime, the virus dangers persist, with the UK opposition Labour chief Keir Starmer calling for a two to three-week “circuit breaker” lockdown.
All eyes stay on the key Brexit assembly between PM Boris Johnson and European Fee President Ursula von der Leyen on the continued negotiations due later at the moment.
Gold’s rebound remained capped beneath $1900 mark, consolidating Tuesday’s 2% slide.
WTI turned south to check $40, as rising demand issues offset strong Chinese language oil imports information. The OPEC lower its 2021 oil demand forecast once more on surging virus circumstances.
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