In her prepared speech at the State Opening of Parliament, the queen said the British government’s priority is to secure the United Kingdom’s (UK) departure from the European Union on October 31st and added that the government intends to work towards a new partnership with the EU.
Global Economic
Global Economic – The global economy is the worldwide system of trade, production, and finance that connects countries. It involves the exchange of goods, services, and money across borders, driven by businesses, governments, and consumers. This system shapes jobs, wealth, and growth everywhere.
Market Focus will be on FOMC Minutes in the American Session
Meanwhile, ahead of the Federal Open Market (FOMC) Chairman Jerome Powell’s speech at 15:00 GMT, the US Dollar Index is staying calm near the 99 handle to allow the risk perception to remain as the sole driver of the pair’s action. More importantly, the FOMC will be releasing the minutes of its September meeting later in the US evening.
Gold eases as dollar firms; U.S and China are set to meet for trade negotiations in Washington on Oct. 10-11
Chinese officials are signaling they’re increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump, ahead of negotiations this week that have raised hopes of a potential truce.
Gold Move Zig Zag – Non-Farm Payrolls @ 136K – Gold Silver Reports
Non-Farm Payrolls Data – The US economy gained 136,000 in jobs, within expectations. The report includes significant upward revisions to previous months. Wages are 0% monthly and 2.9% yearly – a disappointment.
Gold Up Little, Focus Remains on Nonfarm Payroll, Fedspeak
Gold edged higher through the early European session on Friday, albeit remained well below the overnight swing high to over one-week tops.
GDP Forecast for 2019-20 Revised to 6.1% – Neal Bhai Reports
The rate cut comes at a time when the Indian economy is facing its worst slowdown since the dip in economic activity following the global financial crisis of 2008-09.
Monetary Policy: MPC Cuts Rates By 25 Basis Points; Near-Term Outlook ‘Fraught With Risks’
India’s Monetary Policy Committee on Friday cut interest rates for the fifth time this year to support growth at a time the central bank believes the near-term outlook for the economy is “fraught with risks”.