Market Update – October 10

<p></p>
<p><strong>Stock</strong> markets have stabilised and mostly moved higher overnight, after a largely stronger close on Wall Street. Markets continue to assess the impact of the<strong> Israel-Hamas</strong> war, but the <strong>JPN225</strong> rallied 2.4% on its return from the extended holiday weekend. <strong>General uncertainties and fears of an escalation</strong> of the conflict weighed on sentiment but <strong>strength in defensive shares</strong> helped support. <strong>European futures</strong> are higher, with indexes set to pare yesterday’s losses. <strong>US futures</strong> are narrowly mixed. Treasuries rallied in catch up trade and the US 10-year rate has corrected -14.6 bp to 4.66%. Treasuries jumped and shares advanced after comments by <strong>Federal Reserve officials fueled speculation the US central bank may stand pat until year-end.</strong></p>
<p><a href="https://forextraderhub.com/wp-content/uploads/2023/10/2023-10-10_09-46-23.jpg"><img decoding="async" class="aligncenter size-full wp-image-737462" src="https://forextraderhub.com/wp-content/uploads/2023/10/2023-10-10_09-46-23.jpg" alt="" srcset="/wp-content/uploads/2023/10/2023-10-10_09-46-23.jpg 1298w, /wp-content/uploads/2023/10/2023-10-10_09-46-23-300×57.jpg 300w, /wp-content/uploads/2023/10/2023-10-10_09-46-23-1024×195.jpg 1024w, /wp-content/uploads/2023/10/2023-10-10_09-46-23-768×146.jpg 768w, /wp-content/uploads/2023/10/2023-10-10_09-46-23-696×132.jpg 696w, /wp-content/uploads/2023/10/2023-10-10_09-46-23-1068×203.jpg 1068w" /></a></p>
<p><strong>Oil prices</strong> as well as <strong>Gold benefited</strong> from a spike in risk aversion prompted by the escalating conflict in the Middle East. Gas prices also spiked as investors weigh the risk of widening geopolitical tensions.</p>
<ul>
<li><strong>USDIndex</strong> has lifted to <strong>105.95,</strong> after correcting on dovish leaning Fed comments yesterday. The <b>USDJPY </b>recovered to<b> 148.92</b> from<b> 148.16</b> lows.</li>
<li><strong>China:</strong> The largest private real estate developer, <strong>Country Garden</strong>, said it might not be able to meet all of its offshore payment obligations when due or within the relevant grace periods. Meanwhile, <strong>Kaisa Group</strong> said creditors would get less than 5% of their money back if it is forced into liquidation.</li>
<li><strong>Stocks: JPN225</strong> rallied 2.4%, while <strong>Hang Seng</strong> and <strong>ASX</strong> also moved higher.</li>
<li><strong>Oil: USOil </strong>has come down and is currently trading at <strong>$84.17</strong> per barrel.</li>
<li><strong>Gold</strong> ended at $<strong>1861</strong>, the highest since late September, from a low of $<strong>1844.25.</strong></li>
<li><strong>Today: BOE</strong> releases minutes of financial policy meeting &amp; <strong>ECB</strong> President Christine Lagarde participates in session at IMF/World Bank meeting.</li>
</ul>
<p><a href="https://forextraderhub.com/wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4.png"><img decoding="async" class="aligncenter size-full wp-image-737478" src="https://forextraderhub.com/wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4.png" alt="" srcset="/wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4.png 1640w, /wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4-300×169.png 300w, /wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4-1024×577.png 1024w, /wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4-768×433.png 768w, /wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4-1536×865.png 1536w, /wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4-696×392.png 696w, /wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4-1068×602.png 1068w, /wp-content/uploads/2023/10/Copy-of-TELEGRAM-MARKET-UPDATE-4-745×420.png 745w" /></a></p>
<p><strong>Interesting Mover: AUDUSD</strong> has breached the 61.8% fib. resistance line, indicating a potential move to 0.6471 if there is a confirmation of a breakout. Currently it is in correction mode.</p>
<p><strong>Click </strong><a href="https://www.hfm.com/en/trading-tools/economic-calendar.html"><strong>here</strong></a><strong> to access our Economic Calendar</strong></p>
<p><strong>Andria Pichidi<br />
</strong></p>
<p><strong>Market Analyst</strong></p>
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