Market Overview: October 28, 2024
Today’s markets are relatively quiet, with a key speech from Canada’s Governor Macklem in focus. Despite weaker oil prices, USD/CAD is holding below 1.3900, while the USD shows strength against most major currencies.
Key Data Points
- BoC Governor Macklem Speech: Scheduled for 17:30, this speech could bring insights into Canada’s monetary policy direction, impacting the CAD.
- ECB’s De Guindos Speech: Set for 19:45. This speech may affect the EUR. The impact depends on any comments on Eurozone economic stability or monetary stance.
- Japan Unemployment Rate (September): Released at 23:30. This data point will shed light on Japan’s economic health. It could impact the JPY.
Energy Movements:
- Crude Oil: Dropped 4.20% to $68.77 per barrel, marking a decrease in demand amidst supply concerns. This also reflects a 1.83% decline over the past week.
- Brent Oil: Fell 4.02% to $72.99 per barrel, despite a 1.80% monthly gain, showing a broader annual decrease of 14.75%.
- Natural Gas: Down by 4.09% to $2.45, showing volatility but maintaining a 6.20% weekly increase.
- Heating Oil and Gasoline: Heating oil is down by 3.15% at $2.17, while gasoline edged down by 0.15% to $2.01, indicating stable but declining energy prices.
Currency Movements
- EUR/USD: Slight increase of 0.01%, currently trading at 1.0797. The ECB’s upcoming speech could bring more movement to this pair.
- GBP/USD: Increased by 0.04% to 1.2965. The GBP remains steady as markets await more data to drive significant moves.
- USD/JPY: Up by 0.70% to 153.31, reflecting ongoing USD strength against the JPY. The Japanese unemployment rate, due later, could further influence this pair.
- AUD/USD: Down by 0.05% at 0.6600, with risk-off sentiment slightly weighing on the AUD.
- NZD/USD: Slight decrease of 0.08% to 0.5972, as traders look towards broader risk sentiment for cues.
- USD/CAD: Trading at 1.3888, down by 0.03%. CAD could see more movement following BoC Governor Macklem’s comments later today.
- USD/CHF: Increased by 0.18% to 0.8682, showing strength in the USD against the Swiss franc amid mixed risk sentiment.
- USD/CNY: Up by 0.10% to 7.1406, reflecting moderate strength in the USD. Chinese economic signals continue to be a factor for this pair.
Metals Market:
- Gold: Fell 0.39% to $2,736.85. Gold remains a favored safe-haven, up 32.68% for the year despite recent declines.
- Silver: Down 0.40%, currently at $33.57. It has shown a strong yearly gain of over 41%. This gain continues to be supported by investor interest in precious metals.
Gold price by GoldBroker.com
Things to Keep an Eye on
- BoC Governor Macklem’s Speech: Expected to provide insights into Canadian economic policy, with potential impacts on the CAD.
- ECB’s De Guindos Speech: Watch for any economic or policy signals that could influence the EUR.
- Japan Unemployment Rate: A higher or lower rate than the expected 2.5% could drive movement in the JPY, especially against USD.
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