What you need to know on Friday, November 8
Publish Date : 2019/11/08 - 08:03

What you need to know on Friday, November 8:

Contradictory news about the status of the US-China trade agreement has affected the market. The world's top economies have agreed to abolish tariffs in the contract phases, but opposition forces are stopping them. Peter Navarro has stated that no agreement has yet been reached and everything depends on President Trump.

Gold has undergone substantial declines.

China's trade balance index shows a slight drop in exports.

GBP/USD fell to 1.28, after the Bank of England pointed to the weak outlook for the global and regional economy.

AUD/USD declined after the Reserve Bank of Australia's summary of monetary policy has shown the bank's reluctance to raise interest rates despite good economic conditions.

European Commission's new forecasts include a drop for GDP from 1.2% to 1.1% in 2019 and from 1.4% to 1.2% in 2020.

USD/CAD rose after the decline in oil prices and ahead of Canadian jobs report.

Cryptocurrencies declined.

Source: FXStreet

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