Friday Round-up of the Markets

Asian shares and U.S. stock futures slipped on Friday, as Amazon and Apple quarterly earnings bucked a recent strong trend and growth, and inflation fears continued to weigh.

Investors, particularly in bond and currency markets, are also worried about varied responses by central banks worldwide to rising inflation.

As inflation concerns grow, central banks’ rate policies remain in focus.

Speculation is rising that the Reserve Bank of Australia will not be able to stick with its guidance that it likely will not raise its 0.1% cash rate until 2024, after the Reserve Bank of Australia again on Friday declined to buy bonds to defend its 0.1% target for the 2024 bond yield.

That target is central to the RBA’s case, and as uncertainty around its prospects grows, Aussie bonds have sold off sharply.

Yields on three-year bonds have surged 33 basis points this week alone to 1.08%, the largest rise since 2009. A month ago, they were trading at 0.30%.

Eurozone bond yields jumped on Thursday after European Central Bank President Christine Lagarde disappointed investors’ hopes she would calm their concerns over surging inflation and rate hikes.

This sent the euro higher, gains it held in Asian hours on Friday at $1.1676.

Now all eyes are turning to the Federal Reserve, whose policy committee meets next week

The dollar hovered near its weakest level in a month against major peers on Friday, hurt by a stronger euro as traders bet on earlier European interest rate increases and as an equity rally sapped demand for safer assets.

The dollar was weaker, largely on losses against the euro, with the dollar index, which measures the U.S. currency against other majors, at 93.381, just off its lowest level this month hit overnight.

The New Zealand dollar fell 0.3% to $0.71795 after a gauge of consumer confidence dipped sharply in October.

In cryptocurrencies, Ethereum (ETH) rose to a record $4,400, while bigger rival Bitcoin (BTC) also gained to trade around $62,000, but down from the record $67,016.50 reached last week.

Friday 29th October High Impact Events

The below times are GMT+3

  • 15.30 – Canada – GDP m/m

Potential instruments to Trade: CAD Crosses.

  • 15.30 – US – Core PCE Price Index m/m

Potential instruments to Trade: USD Crosses.

  • 16.45 – US – Chicago PMI

Potential instruments to Trade: USD Crosses.

  • 17.00 – US – Revised UoM Consumer Sentiment

Potential instruments to Trade: USD Crosses.

  • Tentative – US – Treasury Currency Report

Potential instruments to Trade: USD Crosses.

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