Forex Today: political turmoil continues

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Here is what you need to know Monday, October 7th:

  • During the weekend, a second whistle-blower in the case of US President Trump’s dealing with Ukraine has come forward. He’s said to have first-hand knowledge of the allegation listed by the previous one. Could trigger some risk-off at the weekly opening.
  • US Nonfarm Payroll report came in mixed, consistent with economic expansion. Wall Street rallied with the news, on mounting hopes the US Federal Reserve will cut rates one more time before year-end.
  • EUR/USD capped by sellers around 1.1000, recovery from multi-year lows remains corrective.
  • Brexit weighs on Pound. The EU Parliament President, Donald Trump, rejected UK PM Boris Johnson’s Brexit plan, saying that it’s not remotely acceptable. Ireland has also rejected the agreement, as it implies borders within the island. GBP/USD weakening.
  • The US and China will resume trade talks this week.
  • US Treasury yields closed the week firmly lower, as uncertainty underpins demand for safe-haven assets.
  • Cryptocurrencies under pressure, as BTC/USD settled below 8,000.00.
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