What you need to know on Wednesday, October 9
Publish Date : 2019/10/09 - 06:28

What you need to know on Wednesday, October 9:

The US announced visa restrictions on Chinese officials involved in human rights violations in Xinjiang. The news dampens the mood ahead of high-level trade talks on Thursday. It is reported that the Chinese delegation will cut short its visit to Washington also weighs on sentiment. The administration is still considering limits on US investments in China. The China has vowed to retaliate, by curbing American companies' activities in the country.

Jerome Powell, Chair of the Federal Reserve, has acknowledged that the Fed's balance sheet is growing due to intervention in the repo market. However, he stressed that the current growth of the bank's balance sheet should not be confused with a new QE program. Powell reiterated that the US economy is doing well but left the door open to additional rate cuts. He will speak again today.

The UK Prime Minister Boris Johnson faces a cabinet rebellion and many retirements from his Conservative Party as he nears a no-deal Brexit. The news follows an unpleasant call between Johnson and German Chancellor Angela Merke, as the conclusion, both sides expressed their disappointment in reaching a deal in next week's EU Summit. Extending remains the most probable outcome, with June 2020. Johnson is set to meet his Irish counterpart Leo Varadkar later this week. GBP/USD remains on the back foot.

Cryptocurrencies are stable with Bitcoin trading above $8,000.

Source: fxstreet

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