Created
: 2024.10.31
2024.10.31 16:04
Here is what you need to know on Thursday, October 31:
The Harmonized Index of Consumer Price (HICP) inflation data from the Euro area and the Personal Consumption Expenditures (PCE) Price Index readings from the US will be watched closely on the last day of October. The US economic docket will also feature weekly Initial Jobless Claims data.
The US Dollar (USD) came under modest bearish pressure in the second half of the day on Wednesday following mixed data releases. The Automatic Data Processing reported that employment in the private sector rose by 233,000 in October. This reading followed the 159,000 increase in September and surpassed the market expectation of 115,000 by a wide margin. On a negative note, the US Bureau of Labor Statistics' first estimate showed that the US' Gross Domestic Product (GDP) expanded at an annual rate of 2.8%, falling short of analysts' estimate of 3%. The USD Index edged lower and closed in negative territory. Early Thursday, the index holds steady slightly above 104.00.
The Bank of Japan (BoJ) announced early Thursday that it decided to keep its short-term interest rates target unchanged at 0.25% following the conclusion of its two-day monetary policy review. Speaking on the policy outlook in the post-meeting press conference, BoJ Governor Kazuo Ueda said that the impact of foreign exchange rates on prices has become larger than in the part, adding that firms are now more eager to hike wages and prices. "We will keep adjusting degree of easing if our economic, price outlook is to be realised," Ueda reiterated. After moving sideways on Tuesday and Wednesday, USD/JPY turned south following the BoJ event and was last seen trading deep in the red near 152.00.
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | 0.03% | -0.09% | -0.79% | 0.08% | -0.04% | -0.07% | -0.23% | |
EUR | -0.03% | -0.12% | -0.81% | 0.06% | -0.07% | -0.09% | -0.26% | |
GBP | 0.09% | 0.12% | -0.69% | 0.18% | 0.05% | 0.03% | -0.14% | |
JPY | 0.79% | 0.81% | 0.69% | 0.86% | 0.76% | 0.68% | 0.54% | |
CAD | -0.08% | -0.06% | -0.18% | -0.86% | -0.11% | -0.15% | -0.33% | |
AUD | 0.04% | 0.07% | -0.05% | -0.76% | 0.11% | -0.02% | -0.22% | |
NZD | 0.07% | 0.09% | -0.03% | -0.68% | 0.15% | 0.02% | -0.17% | |
CHF | 0.23% | 0.26% | 0.14% | -0.54% | 0.33% | 0.22% | 0.17% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
During the Asian trading hours, the data from Australia showed that Retail Sales rose by 0.5% on a quarterly basis in the third quarter. Meanwhile, the NBS Manufacturing PMI in China came in at 50.1 in October, up from 49.8 in September. AUD/USD continues to move sideways below 0.6600 after ignoring these figures.
EUR/USD gained more than 0.3% on Wednesday, supported by the better-than-expected GDP and strong inflation readings from Germany. The pair stays relatively quiet in the European morning on Thursday and fluctuates in a narrow band at around 1.0850.
GBP/USD lost its traction and closed in the red on Wednesday as markets assessed the details of the Autumn Budget. The pair holds steady early Thursday and clings to small recovery gains above 1.2950.
Gold seems to have entered a consolidation phase after setting a new record-high of $2,790. At the time of press, XAU/USD was down 0.3% on the day at $2,780.
Created
: 2024.10.31
Last updated
: 2024.10.31
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy