MARKET UPDATE 23-Oct-18

The day was centred on China to start with, after their benchmarks made an impressive recovery. Their Shanghai Composite was up 4.1%. However, their recent official data showed that the Chinese economy expanded just 6.5% in the third quarter. It’s the weakest growth since the depth of the global financial crisis.

The US dollar gained against its major peers this morning, reining as the preferred safe haven currency. This was after the uncertainty over Brexit negotiations and Italy’s free spending budget, fanned investors away from the euro and sterling.

The Forex market is setting up for the week ahead where US Durable Goods and real US GDP for the third quarter are on the cards. Meanwhile, the Bank of Canada and the European Central Bank announce their interest rate decision on Thursday.

FX Rates 23.10.18

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