Here’s what you need to know to trade today Wednesday October 18:
Activity in financial markets remains mixed mid-week as investors assess the latest macroeconomic data releases and news surrounding the conflict between Israel and Hamas. Eurostat will publish on Wednesday the revisions to the Harmonized Consumer Price Index (HICP) for September. In the second half of the day, data on building permits and housing starts will appear on the US economic agenda. Finally, the Federal Reserve will publish its Beige Book.
During the Asian session, the data China have revealed that the Real Gross Domestic Product (GDP) grew at an interannual rate of 4.9% in the third quarter. This figure comes after the 6.2% growth recorded in the second quarter and exceeds market expectations, which expected an expansion of 4.4%. Other data from China has shown that retail sales rose 5.5% year-on-year, while industrial production grew 4.5%. Both figures exceeded analysts’ estimates. The pairs AUD/USD and NZD/USD They gained ground during the Asian session and are now up 0.4% on the day.
Quote of the US dollar this week
Below is the percentage change of the US Dollar (USD) against major currencies this week.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.63% | -0.38% | -0.12% | -1.25% | 0.07% | -0.19% | -0.50% | |
| EUR | 0.63% | 0.25% | 0.50% | -0.62% | 0.69% | 0.44% | 0.12% | |
| GBP | 0.37% | -0.26% | 0.24% | -0.88% | 0.43% | 0.19% | -0.13% | |
| CAD | 0.12% | -0.51% | -0.23% | -1.13% | 0.19% | -0.07% | -0.38% | |
| AUD | 1.24% | 0.61% | 0.87% | 1.11% | 1.30% | 1.05% | 0.73% | |
| JPY | -0.07% | -0.68% | -0.45% | -0.21% | -1.31% | -0.26% | -0.57% | |
| NZD | 0.19% | -0.43% | -0.18% | 0.07% | -1.05% | 0.26% | -0.34% | |
| CHF | 0.49% | -0.12% | 0.12% | 0.38% | -0.73% | 0.58% | 0.31% |
The heat map shows the percentage changes of the major currencies against each other. The base currency is chosen in the left column, while the quote currency is chosen in the top row. For example, if you choose the euro in the left column and scroll down the horizontal line to the Japanese yen, the percentage change that appears in the box will represent EUR (base)/JPY (quote).
The American president is expected to Joe Biden, arrive in Israel to meet with Prime Minister Benjamin Netanyahu on Wednesday. After hearing the news of a attack on the Al Ahli Arab hospital in Gaza, Jordan has canceled a summit with US President Biden and Egyptian President Abdel Fattah el Sisi. Palestinian authorities said at least 500 people had been killed following an Israeli airstrike on the hospital. Speaking to CNN, Lt. Col. Jonathan Conricus of the Israeli Defense Forces denied the claim: “We did not attack that, and that the intelligence we have suggests that it was a failed rocket launch by Islamic Jihad, and “I want to add, categorically, that we did not intentionally attack any sensitive facility, any sensitive facility, and definitely no hospital.”
US stock index futures are trading flat on the day following these developments and the 10-year US Treasury yield remains steady above 4.8% following Tuesday’s recovery. Meanwhile, the DXY Dollar Index fluctuates in a narrow range slightly above 106.00.
Inflation in the UKmeasured by the variation of the Consumer Price Index (CPI), remained stable at 6.7% year-on-year in September, the Office for National Statistics (ONS) reported on Wednesday. The core CPI, which excludes volatile food and energy prices, rose 6.1% in the same period, compared to a 6.2% increase in August. The reaction of GBP/USD These figures were rather moderate and the pair is now trading slightly higher around 1.2200.
He EUR/USD recorded small gains on Tuesday and continues to rise towards 1.0600 early on Wednesday.
He USD/JPY It closed in positive territory slightly above 149.50 on Tuesday, but has failed to gain momentum during the Asian session on Wednesday.
The price of Gold has benefited from encouraging data from China and the escalation of geopolitical tensions in the middle of the week. XAU/USD is now trading at its highest level since September 20, around $1,940.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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