Here’s what you need to know to trade today Tuesday October 24:
Market sentiment continues to improve early Tuesday following news that Israel delayed a ground attack to await the arrival of additional US forces in the region and that Hamas freed two Israeli hostages. Later in the day, S&P Global will release manufacturing and services PMI surveys for the euro area, the United Kingdom and the United States. The US economic agenda will also include data from the S&P/Case-Shiller housing price indices and the Richmond Federal Reserve manufacturing index for October.
Reflecting the positive shift in risk sentiment, US stock index futures rose between 0.3% and 0.6% in the early European session. The Dollar Index lost more than 0.5% on Monday and consolidated its losses near 105.50. For its part, the yield on the 10-year US Treasury bond has fallen almost 1% on the day, standing around 4.8%, after falling more than 1% on Monday.
Price of the Dollar this week
The following table shows the percentage change of the United States Dollar (USD) against the main currencies quoted this week. The USD was the weakest currency against the British Pound.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.70% | -0.84% | -0.20% | -0.78% | -0.31% | -0.61% | -0.22% | |
| EUR | 0.69% | -0.14% | 0.49% | -0.09% | 0.39% | 0.09% | 0.49% | |
| GBP | 0.86% | 0.14% | 0.64% | 0.05% | 0.55% | 0.25% | 0.63% | |
| CAD | 0.20% | -0.48% | -0.65% | -0.57% | -0.09% | -0.40% | 0.00% | |
| AUD | 0.78% | 0.11% | -0.04% | 0.58% | 0.49% | 0.18% | 0.54% | |
| JPY | 0.30% | -0.40% | -0.57% | 0.09% | -0.56% | -0.31% | 0.09% | |
| NZD | 0.63% | -0.09% | -0.25% | 0.40% | -0.19% | 0.31% | 0.37% | |
| CHF | 0.24% | -0.49% | -0.64% | 0.01% | -0.59% | -0.09% | -0.40% |
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).
He EUR/USD rose sharply on Monday and hit a new multi-week high near 1.0700 early on Tuesday. However, after data from Germany showed that economic activity in the private sector contracted at a rapid pace in early October, the pair erased its daily gains. At press time, the pair is losing 0.09% near 1.0660.
The unemployment rate in the United Kingdom fell to 4.2% in the June to August quarter, the Office for National Statistics reported today Tuesday. In September, the job applicant count increased by 20,400, compared to market expectations of 2,300. He GBP/USD did not react to these figures and is trading in positive territory above 1.2250.
In Asian trading hours, data from Australia revealed that the S&P Global Composite PMI decreased to 47.3 in the October flash estimate from 51.5 in September. He AUD/USD ignored this disappointing data and benefited from risk flows, rising towards 0.6400. In the early hours of the Asian session on Wednesday, market participants will closely monitor Australia’s third quarter Consumer Price Index (CPI) data.
In Japan, the Bank of Japan’s manufacturing PMI was stable at 48.5 points, but the services PMI fell to 51.5 from 53.8 points. After fluctuating in a narrow channel slightly below 150.00 on Monday, the USD/JPY lost traction and fell below 149.50.
He Gold It staged a downward correction on Monday but managed to limit its losses amid falling US bond yields. Early on Tuesday, XAU/USD stabilized above $1,970.
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.
