Market today carries the previous risk-on forward, mainly backed by trade-positive comments from the US and China while Brexit headlines, being fewer, failed to disappoint the British Pound buyers.
The US Dollar stays on the back foot amid a lack of fresh details on the economic calendar and market’s rush for riskier asset. The Euro looks for further clues before extending the latest upside while the Japanese Yen have to bear the burden of risk-on.
While the second reading on the Withdrawal Agreement bill in the United Kingdom’s Parliament will be in the spotlight, trade and political headlines concerning the United States and China could also gain market attention.
There isn't much on the European economic calendar, other than UK September public sector debt data at 08:30 GMT and UK October CBI trends total orders at 10:00 GMT.
In the NA session, US Existing Home Sales at 14:00 GMT and Richmond Fed Manufacturing Index at the same time will decorate the macros.
Crude prices seem to weigh prospects of increasing supply amid news of hedge funds being increasingly bearish.
Gold price broke an intraday range to the downside, it bottomed at $1,483/oz, the lowest level since October 16. In the short-term, the precious metal continues to consolidate, but risk appetite may firm due to a possible US-China trade deal and as the belief that monetary easing will help the economy avoid a steep downturn grows, which may reduce interest in the yellow metal for now