What you need to know on Thursday, October 3
Publish Date : 2019/10/03 - 06:34

What you need to know on Thursday, October 3:

The market mood remains damp after disappointing US ADP Non-Farm Payrolls data which joined to the weak ISM Manufacturing Purchasing Managers' Index (PMI) and it shows increased concerns of a recession.

The US dollar has been on the back foot. The safe-haven yen and gold benefited.

Today's ISM Non-Manufacturing PMI may trigger more volatility than normal and it is expected to show a positive picture in the services sector.

President Donald Trump hit back at Democrat Adam Schiff durin his impeachment and said he should be tried for treason. Democrats are moving relatively fast with the inquiry. Markets are worried about political uncertainty and Elisabeth Warren's ascent in the polls.

UK prime minister Boris Johnson laid down his new plan – dubbed "two borders, four years." The limited-time Irish backstop and potential customs checks disappointed Ireland but the EU has not rejected all of them, allowing GBP/USD to hold its ground.

The US is preparing new tariffs against the EU. The World Trade Organization ruled in favor of America in the case against illegal subsidies to Airbus, the European aviation giant.

The Canadian dollar suffered as oil prices resumed their decline, with WTI falling to the $52 handle.

Cryptocurrencies have remained stable with Bitcoin trading above $8,300.

Source: fxstreet

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