Midday Market Review

The US dollar is trading in different directions against its main competitors.

In the morning, the EUR/USD pair grew to the level of 1.1850, but is now in correction to the area of 1.1800. The price will not fall lower the level, as the investors are waiting for US employment market publications and the solution of the US government debt ceiling issue on Friday.

The GBP/USD pair is falling and reached the level of 1.3355 (–0.42%), as Prime Minister Theresa May faced the opposition within her cabinet. Foreign Minister Boris Johnson and Environment Minister Michael Gove are against her EU negotiations plan. The coherent positions should be adopted until the end of the week, and the investors are worried, so GBP weakens.

The USD/JPY pair was technically corrected and weakened to the level of 111.97 (–0.54%) today.

The AUD/USD pair was corrected to the area of 0.7570 after poor Q3 Australian GDP publication. The index decreased from 0.9% to 0.6%, so the possibility of the soon interest rate rise is falling.

Metals are calm and trading within narrow ranges, gold – within 1264.00–1268.60, silver – within 16.10–16.02.

After the attempt of restoration due to the significant fall of US oil resources, according to API report (–5.481 million barrel), oil is going down again. Brent is trading around 61.80 (–0.91%), WTI – 56.64 (–1.24%). Today EIA Crude Oil Stocks change data will be published, and if the indicator decreases, the reversal of the price is possible.

World indices are trading mixed. European DAX and CAC40 are decreasing; they reached the levels of 12857.0 and 5312.0. FTSE100 is growing and has reached the level of 7342.0 during the day.

US indices are in the downward correction. DOW reached the level of 24077.0, NQ – 6227.5, S&P500 – 2618.5.

Midday Market Review

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