Market Overview: October 29, 2024
Out today Germany’s latest GfK Consumer Confidence Survey. There is also a speech from Canada’s BoC Governor Macklem and several U.S. data releases. With EUR, CAD, and USD all in focus. Energy markets could also experience volatility.
Key Data Points
- GfK Consumer Confidence Survey (Germany, Nov): Today’s German confidence data shows a slight improvement, rising from -20.5 to -18.3, which may support the euro but also highlights ongoing consumer uncertainty.
- U.S. Housing Price Index (MoM, Aug), Consumer Confidence (Oct), JOLTS Job Openings (Sep): With multiple bits of U.S. data scheduled, the USD may show some volatility later today. This is especially true if figures deviate from expectations.
- BoC’s Governor Macklem Speech (CAD): The Bank of Canada Governor’s remarks could provide insights into the economic outlook for Canada. These insights might impact CAD pairs, especially against the USD.
Energy Movements:
- Crude Oil stands at $67.41 per barrel, nearly flat on the day (-4.20%), experiencing a weekly loss of 6.10%. Oil remains under pressure as demand concerns persist.
- Brent Oil at $71.49 per barrel shows similar patterns, with a slight gain but a weekly decline of 6.06%. These price levels hint at lower demand expectations globally.
- Natural Gas fell to $2.83/MMBtu (-1.02%), though it remains strong on a weekly basis (+22.63%). UK and European gas prices remain elevated, driven by regional energy concerns.
Currency Movements
- EUR/USD is slightly down at 1.0809 (-0.08%), with the euro reacting modestly to the German confidence data and awaiting further cues from U.S. economic releases.
- GBP/USD is at 1.2968 (-0.05%), showing minimal movement as traders anticipate U.S. consumer data.
- AUD/USD has dropped to 0.6568 (-0.23%), continuing a weak trend amid global uncertainty and USD strength.
- NZD/USD is at 0.5976 (-0.22%), reflecting broader risk-off sentiment in the market.
- USD/JPY is at 153.11, nearly flat but continuing to hover near recent highs as the yen remains under pressure.
- USD/CNY has gained to 7.1585 (+0.21%), with the yuan facing pressure amidst U.S. dollar strength.
- USD/CAD is steady at 1.3889, with CAD awaiting cues from Macklem’s upcoming speech.
Metals Market:
- Gold is trading at $2755.95 per ounce, up by 0.42% as it maintains its safe-haven appeal amidst market uncertainties.
- Silver is at $33.97 per ounce, gaining 0.76% but facing weekly pressure. These metals continue to be influenced by market demand for safe assets.
Gold price by GoldBroker.com
Things to Keep an Eye on
- Watch for any significant commentary from BoC’s Macklem, which may impact CAD pairs.
- U.S. Consumer Confidence and JOLTS data at 14:00 GMT could stir USD volatility, impacting global FX markets.
- Any sudden movements in energy prices, especially oil, as they can drive sentiment in commodity-linked currencies like CAD and AUD.
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