Forex Today: dully consolidation ahead of ECB

Here is what you need to know Thursday, October 24th:

• Action across the FX board remained limited by the absence of relevant macroeconomic data and uncertainty surrounding Brexit. The ball rolled the EU’s side of the court, as European leaders should now decide on a delay to the UK’s departure from the Union. Market talks suggest that the EU27 is willing to grant a three-month extension, although a formal announcement is not expected before Friday.
• Tensions between the US and China resurged on news indicating that China is seeking $2.4 billion in retaliatory sanctions against the US for non-compliance with a WTO ruling in a tariff dispute against the country back in the Obama era.
• The American dollar lost some ground during US trading hours, as tepid earnings reports revived concerns about an upcoming US recession. EUR/USD and GBP/USD recovered within familiar levels.
• The BOJ was reported to be lowering its forecast for economic growth and inflation this year. The central bank is scheduled to meet by the end of the month, and ahead of the event, market talks made the round suggesting that members see little merit in an interest-rate cut this month, but rather prefer to save ammunition for the case economic conditions deteriorate further.
• Crude oil prices soared to fresh October highs after the US EIA reported a large draw in stockpiles of 1.7 million barrels.
• Precious metals remained depressed within familiar levels, with spot gold retreating from 1,496.25.
• Cryptocurrencies plummeted early US session with BTC/USD  at fresh 5-month lows in the 7,400.00 region. Tensions related to Facebook and Libra weighed the market.
• The ECB is set to have a monetary policy meeting, the last one presided by Mario Draghi.