Trading news

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee affirmed on Thursday that, lacking any new information from official data sources, the Fed will have no choice but to make ongoing interest rate decisions using the information currently available to it.

The US Dollar (USD) partially reversed its multi-day leg lower on Thursday, as the US government shutdown continued to weigh on investors’ sentiment, while the absence of data releases should leave traders focused on US politics as well as geopolitics.

Gold price retreats during the North American session on Thursday as the Greenback recovers some ground, trimming some of its weekly losses after Dallas Fed President Lorie Logan delivered a hawkish message. At the time of writing, XAU/USD trades at $3,844, down 0.50%.

West Texas Intermediate (WTI) Crude Oil comes under heavy selling pressure on Thursday, sliding to a four-month low with prices down over 2.0% at the time of writing.

The Dow Jones Industrial Average (DJIA) flattened on Thursday, sticking close to the 46,500 region as equity markets hunker down to wait out the US federal government’s shutdown.

The Japanese Yen (JPY) halts its four-day winning streak against the US Dollar (USD) on Thursday, with USD/JPY edging higher during the American session. At the time of writing, the pair trades near 147.25, up about 0.12% on the day, as the Greenback attempts a modest rebound after recent weakness.

GBP/USD dives during the North American session as the US government shutdown extends for the second straight day, triggering a delay on economic data releases. Meanwhile, the buck strengthens as traders assess the shutdown impact. The pair trades at 1.3424, down 0.38%.

United States 4-Week Bill Auction fell from previous 4.08% to 4.06%

The Canadian Dollar (CAD) trades on the back foot against the US Dollar (USD) on Thursday, with USD/CAD extending gains to fresh four-month highs.

Dallas Federal Reserve (Fed) President Lorie Logan explained on Thursday that the recent interest rate cut was an insurance against a more rapid, non-linear decline in the labor market, per Reuters.

United States EIA Natural Gas Storage Change below forecasts (66B) in September 26: Actual (53B)

The Euro (EUR) treads water against the Swiss Franc (CHF) on Thursday, with EUR/CHF trading around 0.9358 during the American session. The cross continues to face technical resistance from the 100-day Simple Moving Average (SMA) around 0.9357, which has capped upside attempts since early September.

Singapore Manufacturing PMI up to 50.1 in September from previous 50

Russia Central Bank Reserves $ climbed from previous $712.6B to $713.3B

The United States’ (US) federal government officially shut down on Wednesday as lawmakers failed to pass funding by the deadline. Following a second round of voting, the Senate rejected House Republicans’ stopgap bill to restore funding. 

Gold (XAU/USD) trades with mild positive bias on Thursday, consolidating recent gains after posting a fresh all-time high near $3,895 on Wednesday.

Production setbacks at major Copper mines are raising supply concerns.

South Africa Total New Vehicle Sales rose from previous 51880 to 54700 in September

US crude and gasoline inventories increased last week, narrowing deficits to seasonal norms and raising concerns of a looming oversupply. However, the risk of tougher Russian Oil sanctions could support prices and prevent a sharp decline, Commerzbank's commodity analyst Barbara Lambrecht notes.

Brent crude is drifting toward the lower end of its two-month trading range as traders weigh the possibility of a larger-than-expected OPEC+ production increase in November.