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The last week of October, heading into the first week of November, witnessed an FX market dominated by the gains and losses made by the USD following the release of two key data announcements. The GBP has also been on shaky ground all week as the UK wrangles on about Brexit and uncertainty looms over Boris Johnson’s hold of the PM position. Forex Broker comparison service FXBrokerFeed brings you updates, and opinions in the FX Broker Market, featuring mixed signals by the GBP and USD.
USD Enjoys Some Short-Lived Gains
FXBrokerFeed reports that the USD showed a positive outlook – a break from the currency’s ongoing bearish trend – following the release of the non-farm payroll (NFP) report. The report was better than expected as it revealed that October saw an additional 128,000 jobs compared to the expected 89,000 jobs. The report helped the USD make some gains across the board, and for some time the three-month bearish trend was reversed.
Besides the NFP report, FXBrokerFeed also reports that two other key announcements – FOMC’s announcement about the Fed and interest rates, and the ISM Manufacturing PMI report – also had a significant impact on the USD. Chairman Powell’s decision not to revise the interest rates going forward, as well as the negative PMI figures, watered down the positive outlook. As of now, the USD has lost all the gains it made following the release of the NFP report.
GBP Stabilizes, for Now
FXBrokerFeed also highlighted the fact that the GBP is showing signs of stability following months of uncertainty owing to the looming Brexit deal. This comes amid an upcoming General Election that was called after PM Boris Johnson failed to convince MPs to back his Brexit deal with the EU earlier this month. However, the polls show that the PM will likely win the election and retain his seat, which may help move the Brexit deal along.
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