High-beta currencies and US stocks came off early session lows after US Trade Representative Lighthizer said he expects the Trump-Xi meeting to be a success. The FX market has been very quiet ahead of the G-20 and tight ranges have been firmly being in place. The Australian dollar rebounded from the session lows and recaptured the 0.7300 handle against the US dollar following Lighthizer’s comments. The bounce however was short-lived and tight range trading persists.
The Dow and S&P 500 opened down 0.3%, while the Nasdaq started down only 0.1%. The tech sector benefited from strong earnings from HP Inc. WorkDay, and VMware. Technology stocks have had 3 consecutive down months and will likely strongly react to the outcome at the G20. If the trade war worsens, the tech sell-off could resume.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
Latest posts by Ed Moya (see all)
- Market Insights Podcast – Powell struggles to deliver a hawkish hold - 1 November 2023
- Fed React: USD/JPY softer after Fed fails to deliver hawkish hold - 1 November 2023
- EUR/USD: Dollar wavers on slower pace of Treasury Refunding Sales and mixed labor data - 1 November 2023