Forex Today: the trade war overshadows it all

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Here is what you need to know  Wednesday, November 4th:

  • Risk aversion continued to lead financial markets. Equities plummeted with Wall Street suffering the most. The American dollar also fell, as the dismal sentiment was triggered by US President Trump, which continued menacing counterparts with more tariffs while saying he would like to delay a deal with China until 2020 elections. He also menaced  to impose tariffs of  100% on French products worth $2.4B in response to France’s digital tax.
  • The EUR/USD pair flirted with the 1.1100 figure, having spent the day consolidating at the upper end of Monday’s range.
  • The GBP/USD advance toward October high at 1.3012, with Sterling boosted by a new poll which showed that Conservatives’ lead on Labors, widened to 12 points.
  • The Japanese yen and gold appreciated sharply as risk was off.
  • Crude oil prices recovered some ground, although the advance was limited by OPEC+ comments, suggesting the organization hasn’t decided on further cuts. 
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