What you need to know on Friday, October 10:
Markets were in a better mood Thursday amid news that Senate Majority Leader Chuck Schumer announced a deal to extend the debt ceiling by $ 408 billion through early December.
Furthermore, gasoline prices fell in Europe, taking some of the pressure off these days. Gas prices soared to records this week amid supply concerns, and fell today after US President Vladimir Putin said he would consider increasing gas supplies. Putin said he is considering a possible “careful” increase in gas supplies, as the current price hike is not beneficial to Russia. “High prices do not satisfy Russia’s interests and the market must stabilize as soon as possible,” added Deputy Prime Minister Alexander Novak.
Crude oil prices initially fell, but ended the day with substantial gains, with WTI trading at around $ 78.80 a barrel at the end of the day.
Gold traded softer amid a dominant risk appetite, although given declining demand for the dollar, the shiny metal remained within familiar levels. The XAU / USD closed around $ 1,756 a troy ounce.
EUR / USD hovered around 1.1550, unable to take advantage of the weaker dollar overall as lousy data from the EU continues to undermine demand for the shared currency. GBP / USD made a modest advance and settled around 1.3620. Commodity-linked currencies performed the best, hitting new weekly highs. AUD / USD is trading around 0.7310 while USD / CAD is around 1.2540.
Safe-haven currencies fell against the dollar as US government bond yields rallied toward the upper end of their weekly range. Additionally, global equities posted substantial gains.
Market attention now shifts to the US Non-Farm Payroll report US Federal Reserve Chairman Jerome Powell has said that a good employment report could be enough to convince him of the cut, hence the relevance of the figures.
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