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Hello everyone, todayXM Forex will bring you "[XM Forex Platform]: The United States said it will sign a US$490 billion investment agreement with Japan and pay attention to the Federal Reserve's interest rate decision." Hope this helps you! The original content is as follows:
Spot gold was trading around $3,955 an ounce on October 29. Gold prices fell to a three-week low on Tuesday as hopes of progress in trade talks weakened gold's safe-haven appeal while investors' attention turned to the Federal Reserve's interest rate decision this week.
The yen rebounded from seven days of losses against the dollar on Tuesday after www.stofoco.comments from Japan's Finance Minister and U.S. Treasury Secretary Bessent eased some concerns about Japan adopting more expansionary fiscal and monetary policies.
Japan’s Economic and Fiscal Policy Minister Minoru Shirouchi said that Japan can improve its long-term growth potential by stimulating demand and maintaining a tight labor market, while paying attention to the need for fiscal discipline. Jonuchi Minoru also said that the government is paying close attention to the impact of currency trends on the Japanese economy.
James Lord, head of foreign exchange and emerging market strategy at Morgan Stanley, said: "This helps improve sentiment in the Japanese government bond market and the yen. I think foreign investors, especially, believe that the Sanae government may be more stimulating in terms of fiscal policy. Today's www.stofoco.comments tend to go in the other direction. On the one hand, there may not be as much fiscal stimulus; on the other hand, the government is very sensitive to the trend of the yen. "
Bessent emphasized the important role of "setting a sound monetary policy," which further supported the yen.
Kamal Sharma, senior foreign exchange strategist at Bank of America, said: "Bessent has made it clear that he prefers to raise interest rates.and conventional policy tools, rather than FX intervention, which caused USD/JPY to fall. "
This was a www.stofoco.comment made during a meeting with Japanese Finance Minister Katayama Satsuki, and is the latest attack on the Bank of Japan's slow pace of raising interest rates. "This is interpreted by the market as potentially encouraging the Bank of Japan to raise interest rates," Morgan Stanley's Lord said. "The Bank of Japan is expected to keep interest rates steady when it concludes its two-day meeting on Thursday, but the focus will be on whether the Bank of Japan will provide clues on the timing of the next rate hike. The yen was last up 0.44% against the dollar at 152.18.
The European Central Bank is also expected to keep interest rates unchanged on Thursday, while the Federal Reserve may cut rates on Wednesday.
On Tuesday, on multiple U.S. The U.S. dollar fluctuated sharply against the euro after the economic data was released. The U.S. dollar rose after preliminary estimates of the ADP national employment report showed that U.S. private www.stofoco.companies added an average of 14,250 jobs in the four weeks to October 11. However, the U.S. dollar later turned lower after World Enterprise Research said U.S. consumer confidence weakened in October as households worried about the next six months. There are job opportunities, and import tariffs continue to rise.
The U.S. dollar index fell 0.08% to 98.69; the euro rose 0.14% to $1.1659. The euro also hit its highest level against the pound since May 2023, and the pound against the dollar fell to its lowest point since August 1.
The British budget watchdog is expected to. A 0.3 percentage point cut in a key productivity forecast could result in a 20 billion pound ($26.8 billion) hit to public finances.
The Bank of Canada is also widely expected to cut interest rates on Wednesday, but Morgan Stanley holds a non-consensus view that the Bank of Canada will keep interest rates unchanged this time, mainly because the data is better than expected. Therefore, we are bearish on USD/CAD. "The Canadian dollar rose 0.34% to US$1.39.
As trade tensions eased, the Australian dollar, usually seen as a proxy for risk appetite, rose 0.46% to US$0.6586, the highest since October 9.
Inflation in Australia unexpectedly rose sharply in the third quarter, rekindling concerns that price pressures were stickier than expected. Overall CPI rose 1.3% quarter-on-quarter, accelerating from 0.7% in the second quarter. The biggest contributor was a 9.0% rise in electricity costs, which alone drove much of the headline surge, the Australian Bureau of Statistics said. On an annual basis, CPI rose to 3.2% year-on-year, significantly higher than the previous 2.1% and above expectations for 3.0%. This marked the fastest annual inflation rate since the second quarter of 2024, despite targeted government relief measures.Once again became the main driving force, soaring 23.6% year-on-year.
Core inflation is also strong. The cut-average CPI, the Reserve Bank of Australia's preferred measure, rose 1.0% month-on-month, up from 0.7% and higher than expectations for 0.8%. On an annual basis, core inflation accelerated from 2.7% to 3.0%, highlighting continued price pressures in utilities and essential services, once again exceeding the RBA's 2-3% target range. This marks the first rise in the trimmed mean since the fourth quarter of 2022, confirming that underlying price momentum remains strong.
These data strengthen the case for the Reserve Bank of Australia to postpone or even reconsider its short-term interest rate cut expectations.
The European Central Bank's September consumer expectations survey showed that recent inflation expectations have slowed slightly, with the median outlook for the next 12 months falling from 2.8% to 2.7%.
Expectations for the next three years remain unchanged at 2.5%, while the five-year forecast is stable at 2.2%, indicating that the long-term view remains solid. Uncertainty surrounding the 12-month outlook also remained unchanged, indicating little change in household sentiment.
On the growth front, consumer expectations for economic performance in the www.stofoco.coming year remained negative but stable at -1.2%. The data continues to reflect weak confidence in the near-term recovery.
The unemployment forecast for the 12-month period has also remained stable at 10.7%, indicating limited changes in labor market sentiment.
U.S. consumer confidence declined slightly in October, with the Conference Board's overall index falling from 95.6 to 94.6, but still higher than the expected 93.9.
The breakdown showed mixed sentiment - the current situation index rose 1.8 points to 129.3, while the expectations index fell 2.9 points to 71.9, still well below the 80 threshold that usually indicates the risk of a recession.
Inflation expectations edged higher, with the average 12-month outlook rising to 5.9% from 5.8% in September.
Stephanie Guichard, senior economist at The Conference Board, said confidence "went sideways in October" with limited changes among subcomponents that largely offset each other. Consumers have become more cautious about job prospects and business conditions, while optimism about future income has eased slightly.
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