The key event during the Asian session is the Australian employment report. Japan will release trade data, and China will update house prices. Later i
n the day, market participants will closely monitor the US Jobless Claims and the Philly Fed index. Federal Reserve Chair Powell is due to speak. Here is what you need to know on Thursday, October 19: The positive market sentiment that followed bright economic data from China was offset by rising tensions in the Middle East, higher yields and crude oil prices. The Dow Jones lost 0.98%, and the Nasdaq declined by 1.62%. Meanwhile, the price of WTI crude oil rose by 1.70%.
The yellow metal later pulled back and settled around $1,950. EUR/USD failed once again to rise above 1.0600 and turned to the downside, finding support around 1.0530. Risks remain tilted to the downside, but consolidation could persist if the pair remains above 1.0520. The Pound initially rose following a higher-than-expected UK inflation reading but later gave up all its gains. GBP/USD is trading dangerously close to the key support area around 1.2120.
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