We present to you our weekly market analysis on the most popular trading markets over the globe.
This market news involves the forex, stock, and commodities market and is powered by BDSwiss’s analysis team.
Starting with the EUR/USD pair:
The European Central Bank (ECB) kept its interest rates stable during the Interest Rate meeting held on Thursday.
However, easing of the monetary policy was hinted by President Mario Draghi, who is to be replaced by successor, Christine Lagarde.
Mario, however, didn’t provide great details of this future monetary policy. The gist is that the EUR is not heading in the upward direction.
Jean Claude Juncker, the president of the European Commission has made it clear in his statement that there would be no chance of the Brexit deal renegotiation.
Juncker believes the existing deal is
“the best and only deal agreeable”.
Hence the chance of a no-Deal Brexit is becoming more probable.
The USD is a good position currently. The pair to watch out carefully for would be the US/GDP pair. Depending on the market movement, the USD could accelerate further up high.
On the other hand, EUR is expected to drop lower over the course of the week as its economy lowers.
The AUD follows the similar sentiments as the EUR due to the statements from the RBA governor Lowe regarding his commitment to keep strong cutting rates.
Oil prices saw gains amidst the Middle-East tensions with Turkey being the latest country to be added into the mix.
Turkey faced pressure from the US to not deploy the Russian S-400 or face consequences
Gold recovered back to the crucial level of $1400 after it slumped hard by $20 on Friday. It was last seen trading at $1406, gaining half a percent.
Update: The XAU/USD is currently traded at $1418, a 0.28% gain.
Tesla shares dropped a mammoth 13.6% lower following poor second-quarter results. The Dow dropped by 0.47% with Boeing being its biggest loser.
The drop is correlated to the schedule revision due to unavailable 737 Max jets.
That’s it for this for this week’s market analysis. Stay updated with us for more market news, analysis, and events.
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This post was last modified on October 25, 2022 4:12 pm