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Forex Today: US data releases return to the fore amidst US election unease

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Forex Today: US data releases return to the fore amidst US election unease

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New update 2024.10.29 04:34
Forex Today: US data releases return to the fore amidst US election unease

update 2024.10.29 04:34

The US dollar treaded water in the upper end of the range despite US yields extending their rebound to new multi-week highs, all ahead of key US data releases and growing speculation prior to the November 5 US election.

Here is what you need to know on Tuesday, October 29:

The US Dollar Index (DXY) alternated gains with losses in quite a narrow range near the 104.30 zone, accompanied by rising yields and a modest uptick in the risk complex. The advanced Goods Trade Balance results are due, seconded by monthly Wholesale Inventories, the FHFA's House Price Index, the Consumer Confidence gauged by the Conference Board, JOLTs Job Openings, and the API's weekly report on US crude oil inventories.

EUR/USD reversed some of Friday's losses and managed to retest the area beyond 1.0800 the figure. Germany's Consumer Confidence measured by GfK, takes centre stage in Europe.

GBP/USD regained mild upside traction on the back of the inconclusive price development in the US Dollar. The BoE's Consumer Credit Survey and M4 Money Supply will be published along with Mortgage Approvals and Mortgage Lending figures. 

USD/JPY rose to fresh tops and revisited levels just shy of the key 154.00 barrier. The Unemployment Rate and the Jobs/Applications Ratio will be published.

Unabated concerns surrounding China's stimulus measures continued to weigh on AUD/USD, motivating spot to break below the ley 0.6600 support. Next on tap in Oz will be the release of the RBA's Monthly CPI Indicator on October 30.

WTI prices collapsed to the sub-$67.00 zone per barrel on Monday as traders assessed Israel's attack to Iran over the weekend, which avoided the country's nuclear facilities and oil industry.

Prices of Gold retreated after two consecutive daily advances on the back of the steady Greenback and rising US yields across the board. Another vacillating session left Silver prices hovering around the $33.70 per ounce on Monday.


Date

Created

 : 2024.10.29

Update

Last updated

 : 2024.10.29

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