28.10.2019: Traders await Brexit delay (USDX, USD, GBP, EUR, GOLD)

28.10.2019: Traders await Brexit delay (USDX, USD, GBP, EUR, GOLD)


This week, traders will focus on Brexit which is about to be completed finally. The UK is supposed to leave the European Union on Thursday. However, the markets expect another extension to the Brexit deadline. Besides, traders are looking forward to Wednesday’s meeting of the Fed. The regulator is expected to cut its interest rate. On Friday, the United States will release jobs data. Analysts predict it will provide downbeat results. In addition, this week, the EU and the US will reveal their third-quarter GDP figures. In anticipation of these events, the euro/dollar pair is trying to recover from its early losses. Last Friday, the euro tumbled to a six-week low near 1.1070. Today, in the European session, the euro/dollar pair has attempted to advance above 1.11. In the short term, the main contributor to the pair’s growth will become the Brexit news and the EU decision on a Brexit deadline extension. Once again, Boris Johnson failed to get his Brexit withdrawal agreement approved by the British parliament. Amid this political turmoil in the country, the British pound started to trade sideways. The pound/dollar remained moving in the range between the levels of 1.2820 and 1.2840. In the early European session, gold hit a new high. However, it failed to extend its gains and continued to trade below its 3-week high recorded on Friday. At the end of the previous trading week, gold was not able to preserve its momentum and bumped into massive sell-offs at about $1,520 due to the lower demand for safe-haven assets. Besides, the gold price was affected by the stronger US dollar. Today, there will be no significant events from the euro area, exсept for Mario Draghi’s speech. That’s all for now. Subscribe to our channel and watch new videos! See you!

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