Stateside, the USD ended the session on the ropes. Technically, I see little in the way of support on the USD index, with monthly resistance at 99.67 entering the fray and scope to run for at least daily support at 98.58.
Closer to home, the GBP ended lower in recent trading following softer-than-anticipated UK growth numbers. Between August and September, and in Q3, the economy barely registered growth. This, I am sure, was not a pleasing read for the UK Chancellor, Rachel Reeves, who will deliver what is expected to be a rather challenging Autumn Budget at the end of this month. Recent speculation suggests that Reeves is considering dropping plans to raise the headline income tax rate in the upcoming budget. I am just not sure what to expect from this government anymore!
Looking Ahead
US data is still off the table for the time being, and today’s calendar offers slim pickings. However, things should be more interesting next week as we may get a glimpse of US economic data for September, and, of course, Nvidia reports earnings, providing a key test of lofty AI valuations.
Written by FP Markets Chief Market Analyst Aaron Hill
