FxAnalysis

The US Dollar (USD) built on the previous week’s gains and advanced to multi-week highs.

The EUR/USD pair ended October with a weak note, barely holding above a three-month low of 1.1522 posted in the last trading day of the month. The pair is down for a second consecutive week following the Federal Reserve (Fed) and European Central Bank (ECB) monetary policy decisions.

The Pound Sterling (GBP) accelerated its recent declines against the US Dollar (USD), as GBP/USD briefly revisited levels under the 1.3150 psychological mark.  

Gold (XAU/USD) remained under bearish pressure and touched its weakest level since early October, below $4,000, pressured by the Federal Reserve (Fed) Chairman Jerome Powell’s cautious remarks on policy easing and a de-escalation in the United States (US) – China trade conflict.

EUR/USD remains under pressure heading into November, as Fed uncertainty, choppy trading, and weak sentiment continue to weigh on upside potential.

USD/ZAR remains near monthly lows as the South African rand sustains strength, with traders eyeing a choppy but potentially bearish trend in November.