We have just closed out an exceptionally busy fundamental week with key event risk. And, we are now diving right back into a deep docket with markets on the cusp of key trend developments.
The Dollar was once again offered the opportunity to make a run on 2015’s highs and move on to levels not seen since 2003.
EUR/USD has steadied around $1.1000 as it appears both prospects of an ECB deposit rate cut and a Fed rate hike have been priced in. Recent data developments have helped buoy the pair, and a strong October US Nonfarm Payrolls this week is required for the next leg lower to begin.
With GBP/USD largely reversing the decline following the Federal Open Market Committee’s (FOMC) policy meeting, the pair may continue to face range-bound prices in the week ahead as market attention turns to the Bank of England (BoE) interest rate decision on November 3.
The Australian Dollar is on the defensive, falling for a third consecutive week as an RBA monetary policy announcement and key US employment data loom ahead.
The New Zealand Dollar took flight over the month of October. Much relief for NZD Bulls came this week specifically despite an overtly dovish Reserve Bank of New Zealand and surprisingly hawkish Federal Reserve.
Gold prices are lower for a second consecutive week with the precious metal down 1.8% to trade at 1142 ahead of the New York close on Friday.
Sign up for a free trial of DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!
Want to develop a more in-depth knowledge on the market and strategies? Check out the DailyFX Trading Guides we have produced on a range of topics.