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The trend of GDPUSD

The US dollar and the pound were steady on Wednesday, and EU leaders are considering a request for a postponement of the Brexit, which is expected to extend the October 31 deadline by three months.

European Council President Tusk said on Twitter late Tuesday that he has suggested that EU leaders support the postponement of voting. British Prime Minister Johnson was forced by the parliament to extend for three months. However, some EU countries, especially France, may still require shorter deadlines. Johnson called the European Council President Tusk this morning to inform Tusk that he opposed the extension of Brexit and still hopes to leave the EU on October 31. The parliament will vote on the extension of Brexit and the parliament will hand over control to the EU.

EU officials recently stated that the EU will not decide on the extension of Brexit today. And then the decision may be made on Friday. Earlier, the British parliament made a dramatic vote on Tuesday, accepting the agreement in principle, but vetoed a three-day timetable for passing the necessary legislation. After the pound fell against the dollar and the euro on Tuesday, foreign exchange trading was generally calm. Today, the pound/dollar rose, hitting a high of 1.29115. The US dollar index also rose slightly, hitting a high of 97.66 in the day.

Johnson had previously threatened that if the parliament did not agree with his timetable, he would cancel the agreement, but he did not honour the threat. The market believes that this almost eliminates the possibility of no agreement to leave the European Union. Earlier Wednesday, the uncertainty of Brexit boosted safe-haven currencies. However, after the outside world believes that the EU may approve the extension, the rise of the yen and the Swiss franc will fade. The yen fell slightly to 108.55 against the US dollar and 0.991 against the Swiss franc.

USDTRY dropped after Trump Speech

On 23 October, US President Trump announced that the United States will lift sanctions against Turkey because of a "permanent" ceasefire agreement between Turkey and Kurdish armed groups. After the news came, the Turkish lira, ETF and government bonds rose.

Turkey invaded northern Syria earlier this month, and Trump said Turkey’s ceasefire in the region is "permanent". Trump said at the White House: "Unless something that we are not satisfied with, the sanctions will be lifted." Trump said that the ceasefire in Syria has remained very good, and Turkey told the United States that they will permanently cease-fire. If Turkey fails to implement the agreement, sanctions will be re-applied, including tariffs on steel and other products. Trump said: "Let someone else fight over this long-bloodstained sand".

President Trump also pointed out that small-scale US troops will still be maintained in the region (areas with crude oil) and will decide how to deal with crude oil in the future. Trump said that Turkish President Erdogan has done the right thing for his country and he will meet Erdogan shortly.

Donald Trump used this speech to respond to criticisms, even from members of his party. Their decision to withdraw US troops from northern Syria was considered as a major geopolitical mistake. It would allow the United States to abandon its allies and hand over its territory and influence to the regional enemy. He said: "Today's announcement confirmed to Turkey the actions we took. Just a few weeks ago, Turkey also sneered at our actions. Now, people say, wow, what a great achievement, congratulations."

After the news of the lifting of the sanctions, the Turkish lira soared against the US dollar in a short-term. Therefore, the US dollar depreciates against the Turkish lira. Now the USDTRY is 5.72759. Also, the IShares Turkey ETF rose to 3.6%. Turkish government bonds rose.

The trend of gold

Market Summary:
Federal Reserve Chairman Powell reiterated that the US economy is good, but it faces some risks and has not revealed new information.
The market is also closely watching the progress of China-US trade negotiations.
The release of the FOMC minutes is failed to impress on the market.
The World Gold Council (WGC) said that global gold-backed exchange-traded products held more than the 2012 level and hit a record high in September report. ETF holdings increased by 75.2 tons in September, totalling 2,808 tons.

News details:
Powell said that the Fed would soon begin to expand its balance sheet again, which is partly a response to the turmoil in the loan market in September. In a speech in Denver, Powell delivered the method to expand its holder's securities and will be explained in the next few days.
In terms of broader monetary policy, Powell insisted on his latest view: the British disorderly Brexit. He said that the Fed is committed to supporting the economic recovery, but gradually data, there is no default rate cut process.
Although the Fed has already cut interest rates twice this year, the US president is still dissatisfied and continues to hit the Fed and Powell. Trump posted via twitter that the Fed has no clue, but the United States is still working well.

Also, the market is closely watching the progress of China-US trade negotiations. Liu He, China's top trade negotiator and vice-premier, travelled to Washington from October 10th to 11th to participate in the next round of trade negotiations. Good news and bad news may be mixed, but the overall will put the investor's sentiment in a negative tone. It helps the gold volatility, and the US dollar is defensive.

Technically, the gold price is committed to the 1500 barrier. Also, it will increase to 1520 before the 1535 resistance.

United States ADP Employment Change and the effects

 Market background

On this Wednesday (October 2), the latest US ADP reported that 135 thousand workers were employed in private business in the United States in September. It is less than market expectations, which makes the market more worried about the strength of the US labour market and the overall economy. There are more and more signs that the labour market is slowing. As these figures are announced, people are increasingly worried about the strength of the US economy.

Also, Data released by the Institute for Supply Manufacturing (ISM) on Tuesday showed that manufacturing is shrinking that US manufacturing activity fell to a minimum of more than ten years last month. However, the rate of contraction is not consistent with the recession. US manufacturing activity fell to a minimum of more than ten years last month, raising concerns about the economy. However, other economic data is relatively healthy, especially in the consumer sector.

Further effects 

After the data was released, the financial market volatility intensified.

US dollar 

the US dollar index is lower, which fall about the 99 marks. 

Spot gold 

Spot gold has pulled up nearly 20 US dollars in a short-term, breaking through the 1,500 US dollar/ounce mark.

US stocks

The three major stock indexes of US stocks fell. The situation is particularly fierce. The Dow Jones index fell more than 300 points; the S&P 500 index fell 1.2%, the most significant one-day drop since August 23.


After the close in London, EUR / USD rose and challenged the 1.0960 resistance. The level of buyer defeat is 1.0960 resistance, then 1.0985.

According to the daily chart, the bear market trend for shared currencies is lower than the main daily Simple Moving Average (DSMA). Disappointing ADP and worth performance of the ISM triggered negative sentiment in the dollar and the market.