What you need to know on Thursday, October 7:
The major pairs traded alongside market sentiment. Stocks fell in Asia and Europe, weighed down by growth concerns. Concerns about bottlenecks were exacerbated by a 40% rise in gas prices in the UK as the energy crisis worsened. Rising inflationary pressures added to the depressing mood.
Before the Wall Street shutdown, market sentiment improved on news that the Republican leader of the US Senate, Mitch McConnell, plans to propose a short-term extension, until December, of the debt limit. Wall Street cut intraday losses and ended the day mixed.
Terrible data from the EU weighed on the shared currency, with EUR / USD settling at 1.1550. GBP / USD ended the day lower around 1.3590. Commodity currencies trimmed most of their intraday losses along with the US indices, with AUD / USD now trading in the 0.7270 price zone and USD / CAD around 1.2590.
The USD / JPY pair remains stable at the 111.40 area, while the USD / CHF stood at 0.9270.
Gold posted a modest intraday gain, reversing course after hitting a new weekly low, ending the day at $ 1,764 a troy ounce. Crude oil prices fell from their recent highs, and the WTI ended the day at $ 77.00 a barrel.
The US ADP survey came in at 568,000, better than anticipated, suggesting a strong US non-farm payroll report.
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