This is what you need to know to trade today friday october 28:
The dollar maintains its gains against its rivals early on Friday, with the Dollar Index consolidating Thursday’s strong rally above 110.50. The German Gross Domestic Product data for the third quarter and inflation for October will be the protagonists of the European economic calendar, together with the surveys on the sentiment of consumers and companies in the euro zone. In the second half of the day, the personal consumer price index (PCE), the Fed’s preferred gauge of inflation, and US September pending home sales data will be followed for a fresh boost. .
On Thursday, the first estimate from the US Bureau of Economic Analysis revealed that the US economy expanded at a 2.6% annualized pace in the third quarter, versus the market expectation of 2.4%, and helped the dollar will gain strength. Meanwhile, the European Central Bank (ECB) decided to raise its key rates by 75 basis points, as expected. During the press conference, ECB President Christine Lagarde refrained from committing to another excessive rate hike, but she said they were not done with normalizing policy. The ECB also noted in its monetary policy statement that the depreciation of the euro has added to inflation, but the EUR/USD ended up breaking a five-day winning streak. Early on Friday, the pair is relatively quiet below parity.
Quick ECB review: Five dovish things weighing on the euro, there may be more on the table
During Asian trading on Friday, the Bank of Japan (BoJ) announced that it was leaving its monetary policy unchanged, keeping holdings at -0.1% and the 10-year JGB yield target at 0.00%. In its quarterly outlook report, the BoJ noted that risks to the economic outlook were tilted to the downside amid heightened concerns about developments in foreign exchange rates and international commodity prices. Commenting on the JPY movements, the entity’s governor, Haruhiko Kuroda, reiterated that they will not hesitate to further ease monetary policy if necessary. The pair USD/JPY failed to make a decisive move in either direction and is now trading little changed on the day around 146.50.
Although the pound sterling managed to remain relatively resilient against the dollar, the GBP/USD closed Thursday in negative territory. Early on Friday, the pair is trading with modest daily losses above 1.1500.
The Prayed staged a rebound despite broad dollar strength during American trading hours on Thursday, as the 10-year US Treasury yield fell below 4%. XAU/USD, however, was unable to consolidate Thursday’s gains early on Friday and was last seen in negative territory below $1,660.
The bad mood of the market weighed on the Bitcoin and BTC/USD lost more than 2% before entering a consolidation phase slightly above $20,000 early on Friday. Having gained more than 10% earlier in the week, ethereum it turned south and fell 3.4% on Thursday. At time of writing, ETH/USD was trading in a tight range around $1,500.
Source: Fx Street

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