EUR/USD back above parity ahead of ECB rate decision
Watching EUR/USD as it moves back up above parity ahead of a possible 75-basis point rate hike by the ECB.
Indices outlook
European markets are mixed at Wednesday’s highs as the recent recovery continues.
Forex overview
We're watching EUR/USD as it moves back up above parity ahead of a possible 75-basis point (bps) rate hike by the European Central Bank (ECB). EUR/USD has been boosted higher on a weaker US dollar across the board as the market looks toward a less hawkish Federal Reserve (Fed).
The ECB will meet later today to decide on rates. A 75-bps hike has been priced in.
Earnings overview
Credit Suisse's's third quarter (Q3) earnings crash as the group lost 4 billion Swiss francs, missing the average estimate of 413 million francs. The Swiss bank saw a group net asset outflow of 12.9 billion Swiss francs in Q3 in what it called challenging markets, amid negative headlines about its efforts to restructure after a series of scandals and risk-management failures.
Earnings expected today from Lloyds Banking Group, Unilever, Shell, Amazon, Apple, Caterpillar, and Intel.
Last night Ford Motor Co rose on its third quarter while Meta Platforms dropped 21%.
Commodities
Gold is holding gains at three-week highs.
Oil is meanwhile holding Wednesday’s big rise on US exports and a weaker dollar.
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