The biggest news for week 44 and what’s coming

Did you miss a few financial headlines this week? Don’t worry, here’s the biggest news of the week and which Exness assets were influenced.

Forex majors

AUDUSD: The Australian Dollar faced pressure against the US Dollar this week due to declining commodity prices and mixed economic data from Australia. However, strong US GDP growth in Q3 provided some support for the greenback. Upcoming: Australian Retail Sales data for September could impact AUDUSD if it deviates significantly from expectations, potentially leading to further volatility.

DXY (US dollar index): The US Dollar Index saw slight gains this week, buoyed by robust Q3 GDP data and persistent inflationary pressures, suggesting continued support for the dollar. Upcoming: The Federal Reserve's upcoming interest rate decision could significantly influence the DXY, with a potential rate hike likely to strengthen the dollar further.

EURUSD: The Euro struggled against the US Dollar amidst ongoing concerns about the Eurozone's economic stability and lower-than-expected inflation figures. Upcoming: The European Central Bank's economic bulletin and any hints of future policy changes could impact EURUSD, with a dovish tone potentially weakening the Euro.

GBPUSD: The British Pound depreciated against the US Dollar due to weaker UK economic data and uncertainty surrounding future interest rate hikes by the Bank of England. Upcoming: The Bank of England's upcoming speech by Andrew Bailey could provide insights into future rate hikes, potentially affecting GBPUSD.

NZDUSD: The New Zealand Dollar slipped against the US Dollar following softer than expected inflation data and dovish comments from the Reserve Bank of New Zealand. Upcoming: New Zealand's GDP data for Q3 could influence NZDUSD, with stronger-than-expected growth potentially boosting the Kiwi.

USDCAD: The US Dollar gained ground against the Canadian Dollar, driven by stronger US economic data and weaker oil prices impacting the Canadian economy. Upcoming: Canada's GDP data for Q3 could impact USDCAD, with a positive surprise potentially strengthening the Canadian Dollar.

USDCHF: The US Dollar appreciated against the Swiss Franc, supported by solid US economic indicators and investor appetite for safe-haven assets amid global uncertainty. Upcoming: Switzerland's inflation data for October could influence USDCHF, with higher-than-expected inflation potentially weakening the Franc.

USDJPY: The Japanese Yen weakened against the US Dollar as the Bank of Japan maintained its ultra-loose monetary policy, contrasting with the Federal Reserve's stance. Upcoming: The Bank of Japan's interest rate decision and quarterly outlook report could impact USDJPY, with any hints of policy tightening potentially strengthening the Yen.

Forex minors & exotics

EURGBP: The Euro edged higher against the British Pound due to contrasting economic data and ongoing Brexit-related uncertainties affecting the UK. Upcoming: The UK's employment data for September could influence EURGBP, with stronger-than-expected figures potentially boosting the Pound.

AUDJPY: The Australian Dollar weakened against the Japanese Yen, reflecting broader risk-off sentiment in global markets and weak Australian economic data. Upcoming: Australia's trade balance data for September could impact AUDJPY, with a larger-than-expected surplus potentially boosting the Aussie.

USDCNH: The Chinese Renminbi faced pressure from the US Dollar amid concerns about China’s economic recovery and trade tensions with the US. Upcoming: China's manufacturing PMI data for October could influence USDCNH, with stronger-than-expected figures potentially boosting the Renminbi.

Metals

XAUUSD (Gold): Gold prices fluctuated this week, initially rising on safe-haven demand but later dipping due to a stronger US Dollar and rising bond yields. Upcoming: The US core PCE price index data for September could impact gold prices, with higher-than-expected inflation potentially boosting gold as a hedge against inflation.

XAGUSD (Silver): Silver followed a similar pattern to gold, with prices seeing volatility in response to US economic data and movements in the dollar index. Upcoming: The US employment benefits data for Q3 could influence silver prices, with stronger-than-expected figures potentially boosting industrial demand for silver.

Energies

UKOIL (Crude Oil Brent): Brent Crude Oil prices fell this week, impacted by higher-than-expected inventory levels and concerns about global demand recovery. Upcoming: The OPEC+ meeting and any decisions on production cuts could significantly impact Brent prices, with deeper cuts likely to support prices.

USOIL (Crude Oil): US Crude Oil prices mirrored Brent's decline, with additional pressure from rising US production rates and potential impacts of geopolitical developments. Upcoming: The US Energy Information Administration's weekly crude oil inventory report could influence USOIL prices, with lower-than-expected inventories potentially boosting prices.

Stocks

TSLA (Tesla Inc.): Tesla's strong quarterly earnings report provided a boost to the stock, lifting investor sentiment despite broader market volatility. Upcoming: Tesla's upcoming product announcements and any updates on production targets could impact the stock, with positive news likely to drive further gains.

AAPL (Apple Inc.): Apple reported mixed earnings, with strong revenue from services offsetting weaker iPhone sales, leading to a modest stock performance. Upcoming: Apple's upcoming product launch event could influence AAPL, with new product announcements potentially boosting investor confidence.

XOM (Exxon Mobil Corporation): Exxon Mobil faced a challenging week with declining oil prices impacting its stock, despite reporting solid earnings for the quarter. Upcoming: Exxon Mobil's upcoming quarterly earnings report could impact the stock, with better-than-expected results likely to support prices.

This is not investment advice. Past performance is not an indication of future results. Your capital is at risk, please trade responsibly.

---

Author:

Paul Reid

Paul Reid is a financial journalist dedicated to uncovering hidden fundamental connections that can give traders an advantage. Focusing primarily on the stock market, Paul's instincts for identifying major company shifts is well established from following the financial markets for over a decade.