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Euro hovers near four-week trough before growth data

Economies.com
2020-10-30 07:48AM UTC

Euro fell in European trade for the fifth straight session against dollar to near four-week lows, on track for the second weekly loss in three after the ECB asserted its commitment to combat the fallout of the coronavirus second wave. 

 

EUR/USD fell 0.1% to 1.1664, after closing down 0.6% yesterday, the fourth loss in a row, marking four-week lows at 1.1649.

 

Euro closed down 0.6% yesterday against dollar, marking four-week lows at 1.1649 after Germany and France imposed new quarantine measures. 

 

The European Central Bank maintained rates unchanged on Thursday but committed to combating the economic fallout of the second Covid 19 wave. 

 

The common currency is down 1.6% so far this week on risk aversion with Europe's recovery in peril over the second wave. 

 

Later today, Europe's GDP growth is estimated at 9.5% in the third quarter after a 11.8% contraction in the second quarter. 

 

Europe's consumer prices are expected down 0.3% in October, while core prices are expected up 0.2%. 

Corn closes at 2-week low

Economies.com
2020-10-29 21:09PM UTC

Corn prices fell on Thursday, as the US dollar rallied against its peers, amid mounting fears about the coronavirus, which weighs down on demand.

 

Climate improved in several countries, such as the US, Russia, and Brazil, which improves crop quality and increase supply, and pushes prices down.

 

The US Department of Agriculture reported selling 2.244 million tonnes of corn last week, beating forecasts of between 700K and 1.5 million tonnes.

 

The dollar index rose against a basket of currencies by 0.7% to 94.03 points as of 21:56 GMT, after it hit a high of 94.1 and a low of 93.3.

 

Corn December futures fell 1.1% to close at a 2-week low of $3.98 per bushel, after hitting a high of $4.04 and a low of $3.93.

Sterling falls despite news of progress in Brexit talks

Economies.com
2020-10-29 20:32PM UTC

The British pound fell against the US dollar on Thursday, despite progress in the EU-UK Brexit talks.

 

Sterling was weighed down as the coronavirus crisis continued to escalate, after a spike of infections in some European countries, in many countries around the world, especially in Europe.

 

To curb the coronavirus spread, the French government announced yesterday a full lockdown starting Friday for a month, and the German government ordered to close bars, theaters, and restaurants, from November 2 until the end of the month.

 

Bloomberg reported sources saying that progress has been made in the Brexit negotiations between London and Brussels, which raised hopes that a trade deal can be secured by November.

 

GBP/USD fell 0.4% to 1.2934 as of 20:57 GMT, the pair hit an intraday high of 1.3026 and a low of 1.2881.

Silver closes flat after yesterday's loss

Economies.com
2020-10-29 20:45PM UTC

Silver prices held steadily on Thursday, and shrugged off the US dollar's rise against most of its peers, after the release of upbeat economic data.


The US Department of Labor reported today that the unemployment claims fell 40,000 to 751,000 during the past week.


While the advanced reading for the US GDP showed growth by 33.1% during the third quarter.


The dollar index rose against a basket of currencies by 0.7% to 94.03 points as of 21:34 GMT, after it hit a high of 94.1 and a low of 93.3.


Silver December futures settled at $24.36 an ounce, after closing lower by 4.9% yesterday, with today's high at $23.650 and the low at $22.625.