Forexlive Americas FX news wrap: Yields turn lower but stocks battered anyway. FX flat

<ul><li><a href="https://www.forexlive.com/news/us-2023-fiscal-deficit-1695-trillion-vs-1375-trillion-in-2022-20231020/">US 2023 fiscal deficit $1.695 trillion vs $1.375 trillion in 2022</a></li><li><a href="https://www.forexlive.com/news/canada-august-retail-sales-01-versus-03-expected-20231020/">Canada August retail sales -0.1% versus -0.3% expected</a></li><li><a href="https://www.forexlive.com/centralbank/feds-harker-now-is-the-time-to-hold-rates-steady-20231020/">Fed's Harker: Now is the time to hold rates steady</a></li><li><a href="https://www.forexlive.com/news/jim-jordan-loses-secret-ballott-to-remain-house-speaker-nominee-20231020/">Jim Jordan loses secret ballot to remain House speaker nominee</a></li><li><a href="https://www.forexlive.com/news/hostages-released-from-gaza-are-currently-with-the-red-cross-report-20231020/">Hostages released from Gaza are currently with the Red Cross – report</a></li><li><a href="https://www.forexlive.com/centralbank/feds-mester-looking-at-lots-of-data-on-mon-pol-including-money-supply-20231020/">Fed's Mester: Looking at lots of data on mon pol, including money supply</a></li><li><a href="https://www.forexlive.com/news/baker-hughes-us-oil-rig-count-502-vs-501-prior-20231020/">Baker Hughes US oil rig count 502 vs 501 prior</a></li><li><a href="https://www.forexlive.com/news/uaw-pres-to-present-plans-to-workers-later-today-20231020/">UAW Pres. to present plans to workers later today</a></li><li><a href="https://www.forexlive.com/centralbank/feds-mester-fed-is-at-or-near-the-peak-of-the-rate-hike-cycle-20231020/">Feds Mester: Fed is at or near the peak of the rate hike cycle</a></li><li><a href="https://www.forexlive.com/centralbank/feds-bostic-we-are-not-going-to-see-a-recession-20231020/">Fed's Bostic: We are not going to see a recession</a></li><li><a href="https://www.forexlive.com/news/canadas-tallest-building-goes-into-bankruptcy-not-even-half-built-20231020/">Canada's tallest building goes into bankruptcy, not even half-built</a></li></ul><p>Markets:</p><ul><li>WTI crude down 20-cents to $88.14</li><li>US 10-year yields down 7.6 bps to 4.91%</li><li>Gold up $5 to $1978</li><li>S&amp;P 500 down 56 points, or 13%</li><li>GBP leads, NZD lags</li></ul><p>Equities took another beating but there were signs of optimism elsewhere. Buyers arrived in fixed income after a test of 10s early in US trading that got to 4.995% but not through. Gold and oil gave back gains, in part due to a report about hostage negotiations in Gazaw.</p><p>In FX, there was some stability that might have been paralysis as 150.00 continues to hold in USD/JPY and uncertainty reigns. The antipodeans were soft but not overly so as AUD/USD fell 17 pips and NZD/USD declined by 22 — both staying in recent ranges.</p><p>Cable reflected some of the optimism as it trended to 1.2165 from 1.2100 as it marked a double bottom just below the figure. The euro also chopped higher.</p><p>In all, the deep confusion about what will happen in bonds, USD/JPY and the Middle East is making for a wait-and-see market. Stocks were hit hard though in a broad move as TSLA continues to retreat following a disappointing earnings report. Next week will be critical with a busy slate of earnings including Microsoft, Alphabet and Visa on Tuesday.</p>

This article was written by Adam Button at www.forexlive.com.