Euro Edges Higher
Oil Prices Dip
Gold Prices Edge Higher
This week in a nutshell: Sterling Jumps On Positive Data
Third-quarter GDP growth for the U.K. came in at a slightly faster-than-expected 0.4 percent on Wednesday, according to the Office for National Statistics. This positive reading ahead of next week’s Bank of England monetary policy decision gave a boost to the pound which traded higher this week.*
Thu, October 26: In Today’s Markets…
- Euro Edges Higher Ahead Of ECB Meeting
The euro edged higher on Thursday morning ahead of a European Central Bank meeting that could result in tighter monetary policy measures. Specifically, the euro rallied overnight to reach a six-day high of $1.1833, prompted by expectations that the ECB would cut back on its bond-buying stimulus. It should be noted however, that the central bank is still concerned about low inflation and is not expected to raise key interest rates. The ECB’s policy decision is due at 11:45 GMT while ECB President Mario Draghi’s post-meeting press conference is scheduled for 12:30 GMT.**
BDSwiss will be offering a free live Trading Session by market experts on the latest ECB Interest Rate Decision and how it affects the EUR pairs.
- Oil Prices Dip
Oil prices (USOIL) traded lower on Thursday, after an unexpected increase in U.S. crude inventories.
A 1.1 million barrel per day rebound in U.S. crude production to 9.5 million bpd subdued oil prices. It should be noted that U.S. oil production had been previously subdued by consecutive tropical hurricanes that caused refineries to temporarily pause all operations. A sustained U.S. strong production outlook is expected to continue to weigh on oil markets this week.**
- Gold Prices Edge Higher As Dollar Eases
Gold (XAUUSD) prices traded higher on Thursday as the dollar eased ahead of a key European Central Bank meeting due later today. The ECB is set to cut back on its bond-buying stimulus which is considered its biggest step yet in reversing its ultra-loose monetary policy. A stronger euro against the dollar favored gold as a weaker greenback made the dollar-denominated metal cheaper for holders of other currencies.***
You can find and trade all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.