Forex News
- The Dow shed 350 points on Wednesday amid fresh trade war threats from the Trump administration.
- The Trump team is weighing introducing additional trade restrictions on software exports to China.
- Subprime lending schemes continue to weaken as another lender files for bankruptcy.
The Dow Jones Industrial Average (DJIA) struggled on Wednesday, declining a little over 500 points at its lowest point on the day. Investors are facing fresh risk-off sentiment as the Trump administration continues to toy with making already-tense trade friction between the US and China even worse. Another subprime lender declared bankruptcy, highlighting growing fissures in the credit and lending segment.
The Trump administration, according to sources, is weighing its options on imposing restrictions on the export of software to China, a move meant to lash out at China in response to its recent move to exert further government control over the export of rare earth minerals from within its borders. Key US industries, specifically the tech sector, are critically reliant on having open access to China rare metals markets.
Subprime lender PrimaLend filed for bankruptcy, adding additional pressure to investor sentiment regarding the health of US lending segments. This bankruptcy follows the collapse of an automotive lender in recent weeks.
US farmers lashed out at US President Donald Trump over his convoluted plan to import beef from Argentina in order to make up a shortfall after his administration imposed a 50% tariff on all Brazilian imports. American cattle farmers decried the move, drawing criticism from President Trump, who claimed that American beef farmers for “not understanding” how his tariffs have benefited them.
Dow Jones daily chart
Economic Indicator
Consumer Price Index ex Food & Energy (YoY)
Inflationary or deflationary tendencies are measured by periodically summing the prices of a basket of representative goods and services and presenting the data as the Consumer Price Index (CPI). CPI data is compiled on a monthly basis and released by the US Department of Labor Statistics. The YoY reading compares the prices of goods in the reference month to the same month a year earlier. The CPI Ex Food & Energy excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures. Generally speaking, a high reading is bullish for the US Dollar (USD), while a low reading is seen as bearish.
Read more.Next release: Fri Oct 24, 2025 12:30
Frequency: Monthly
Consensus: 3.1%
Previous: 3.1%
Source: US Bureau of Labor Statistics
The US Federal Reserve has a dual mandate of maintaining price stability and maximum employment. According to such mandate, inflation should be at around 2% YoY and has become the weakest pillar of the central bank’s directive ever since the world suffered a pandemic, which extends to these days. Price pressures keep rising amid supply-chain issues and bottlenecks, with the Consumer Price Index (CPI) hanging at multi-decade highs. The Fed has already taken measures to tame inflation and is expected to maintain an aggressive stance in the foreseeable future.
The US Dollar (USD) snapped a multi-day positive run, coming under renewed downside pressure after hitting fresh weekly highs amid somewhat mitigated concerns on the US-China trade front, while the lack of news surrounding a deal to end the US federal government shutdown continued to prevail.
Here’s what to watch on Thursday, October 23:
The US Dollar Index (DXY) left behind three daily upticks in a row, breaching below the 99.00 support on the back of a poor performance of US Treasury yields across the curve. The Chicago Fed National Activity Index is due to be followed by Existing Home Sales.
EUR/USD regained some traction and reclaimed the area beyond the 1.1600 barrier, setting aside part of the recent weakness. The European Commission will release its advanced Consumer Confidence gauge, ahead of the speech by the ECB’s Lane.
GBP/USD retreated for the fourth consecutive day, flirting with the 1.3300 support before staging a decent comeback. The CBI Business Optimism Index and the CBI Industrial Trends Orders will be published, seconded by the speech by the BoE’s Hall.
USD/JPY ended the day with modest losses around the 151.80 region, reversing three consecutive daily advances. The weekly Foreign Bond Investment figures are due.
AUD/USD added to Tuesday’s decline, retreating marginally and revisiting the 0.6480 zone. The flash S&P Global Manufacturing and Services PMIs are due along with the speech by the RBA’s Bullock on October 24.
WTI rebounded sharply, hitting four-day highs near the $59.00 mark per barrel as traders assessed the fresh bout of optimism on the US-China trade front.
Gold briefly flirted with the area of two-week lows, coming close to the key $4,000 mark per troy ounce amid cooling tensions on the trade front and the firm tone in the US Dollar. Further weakness dragged Silver prices below the $48.00 mark per ounce, although they regained some composure afterward.
- WTI extends rebound for the second day, recovering from Monday’s multi-month low near $56.
- US crude inventories fell by 0.96 million barrels, according to EIA data, with gasoline and distillate stocks also down.
- Technical outlook remains bearish below the $60-$62 zone, though the RSI and MACD hint at early stabilization.
West Texas Intermediate (WTI) Crude Oil edges higher on Wednesday, extending gains for the second consecutive session as traders react to a surprise draw in US inventories. The recovery comes after WTI slipped to its lowest level since May 5 on Monday, when prices briefly dipped below the $56 mark amid concerns over potential supply glut and sluggish global demand.
At the time of writing, WTI trades around $58.43 per barrel, up nearly 1.50% on the day, as a softer US Dollar (USD) lends additional support to prices.
The latest data from the US Energy Information Administration (EIA) showed that commercial crude inventories fell by 0.96 million barrels in the week ending October 17, bringing total stocks down to 422.8 million barrels. Gasoline and distillate inventories also dropped by 2.1 million and 1.5 million barrels, respectively.
The draw across major fuel categories offered short-term support for Oil prices, offsetting persistent worries about oversupply. Recent projections from the International Energy Agency (IEA) highlight that global Crude supply continues to outpace demand, raising the risk of an inventory build-up through early 2026.
-1761157124422-1761157124423.png)
From a technical standpoint, the broader structure, however, still reflects a bearish bias, as prices remain below the cluster of short-term moving averages, with the 21-day SMA at $60.46, the 50-day at $62.03, and the 100-day at $64.22. The area around $60.00-$62.00, therefore, represents a heavy resistance zone.
A decisive daily close above this region could mark a shift in momentum, opening the door toward $64.00-$65.00 and potentially neutralizing the recent downtrend.
Momentum indicators are showing early signs of stabilization. The Relative Strength Index (RSI) has rebounded from near-oversold levels and currently stands around 41, suggesting that bearish momentum is fading but recovery momentum remains fragile.
Meanwhile, the Moving Average Convergence Divergence (MACD) histogram has narrowed, and the signal lines are flattening, hinting at the possibility of a bullish crossover in the coming sessions if buying pressure persists. On the downside, immediate support is seen at $57.00, followed by the May swing low near $55.00.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- XAU/USD drops over 1.5%, hovering near $4,050 despite mild weakness in the US Dollar.
- Bullion still up 54% YTD as markets bet on extended Fed easing.
- White House reportedly weighing new export curbs on China tech, adding to geopolitical crosscurrents.
Gold price slides over 1.50% on Wednesday after plummeting more than 5% on Tuesday in its biggest daily loss in five years as traders brace for the release of the latest inflation report in the United States (US). At the time of writing, XAU/USD trades at $4,050 after reaching a high of $4,161.
Traders trim exposure after record rally as focus shifts to Friday’s CPI release
The yellow metal remains pressured, with traders pushing Gold spot prices below the previous October 8 record high of $4,059 even though the Greenback is posting mild losses of 0.13%, depicted by the US Dollar Index (DXY). The DXY, which measures the buck’s performance against a basket of six currencies, tumbles to 98.84.
Despite the ongoing pullback, Bullion registers gains of over 54% year-to-date (YTD), amid growing speculation that the Federal Reserve (Fed) will continue to reduce borrowing costs. Traders are pricing 50 basis points of easing at the final two policy meetings of 2025.
On Friday, the US Bureau of Labor Statistics (BLS) will announce the US Consumer Price Index (CPI) for September, with analysts estimating that Core CPI remained steady at around 3.1%.
Recently, Reuters source reported that the White House is considering curbs on exports to China made with US software.
Daily market movers: Gold tumbles despite recent threats by Washington
- Reuters revealed: “The Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, from laptops to jet engines, to retaliate against Beijing's latest round of rare earth export restrictions".
- The article mentioned that some officials iof the administration, could be used to pressure China, but fell short of implementing it, one of the sources said. The move could disrupt global trade with China, especially technology goods and services.
- The US 10-year Treasury note yield is down one and a half basis points at 3.951%. US real yields — which correlate inversely to Gold prices — fell to 1.671%, sliding over two basis points.
- Alongside the release of US inflation, investors await the release of S&P Global Purchasing Managers Indices (PMI) prints for October on Friday.
- Market participants have priced in a 98% chance of the US central bank cutting rates by 50 bps this year. It's worth noting that traders have also priced in close to 100 bps of cuts for 2026.
Technical outlook: Gold price remains bullish, despite retreating
Gold price retreated below the 20-day Simple Moving Average at $4,017, reached $4,004 before reclaiming the 20-day SMA, so far testing the October 8 high of $4,059. The Relative Strength Index (RSI) exited overbought conditions, but it remains above the 50-level, an indication that buyers remain in control.
If XAU/USD climbs back above $4,100, the next resistance would be the day’s high of $4,161, followed by the $4,200 milestone. On further strength, $4,300 is up next, ahead of the record high of $4,380.
Conversely, if XAU/USD stays below $4,059, this clears the path to test $4,000. A breach of the latter could accelerate Gold’s losses, clearing the path to test $3,900 and the 50-day SMA at $3,722.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
- The US Dollar stabilizes against the Swiss Franc after Tuesday’s rebound.
- Hopes of easing trade tensions between Washington and Beijing reduce demand for safe-haven assets.
- Persistent deflation in Switzerland continues to pressure the Swiss National Bank.
The USD/CHF pair is down 0.10% on Wednesday, trading around 0.7950 at the time of writing, after bouncing from the 0.7900 area earlier this week. The US Dollar (USD) is holding steady against the Swiss Franc (CHF) for the week so far, with markets remaining cautious ahead of the upcoming US Consumer Price Index (CPI) report and next week’s Federal Reserve (Fed) monetary policy decision.
Investors reacted positively to reports that US President Donald Trump will meet Chinese President Xi Jinping later in the month in an attempt to ease trade tensions. This more optimistic tone has reduced demand for safe-haven assets, weighing on the Swiss Franc while modestly supporting the US Dollar.
However, the Greenback’s upside remains limited, as markets price in a 25-basis-point interest rate cut by the Fed next week, with a further easing move likely in December. Concerns about the gradual weakening of the US labor market are offsetting inflation fears related to trade tariffs.
In Switzerland, the CHF remains soft despite a moderate improvement in the trade surplus reported this week. Consumer prices continue to show a deflationary trend, maintaining pressure on the Swiss National Bank (SNB) to consider deeper negative interest rates to support growth and prevent excessive appreciation of the Franc.
Overall, USD/CHF remains in a consolidation phase as traders adopt a cautious stance ahead of major central bank decisions and upcoming inflation indicators in both the United States and Switzerland.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.17% | -0.00% | -0.12% | -0.31% | -0.11% | -0.15% | -0.14% | |
| EUR | 0.17% | 0.16% | 0.05% | -0.14% | 0.05% | 0.04% | 0.02% | |
| GBP | 0.00% | -0.16% | -0.10% | -0.30% | -0.10% | -0.12% | -0.13% | |
| JPY | 0.12% | -0.05% | 0.10% | -0.21% | -0.00% | -0.02% | -0.02% | |
| CAD | 0.31% | 0.14% | 0.30% | 0.21% | 0.19% | 0.18% | 0.17% | |
| AUD | 0.11% | -0.05% | 0.10% | 0.00% | -0.19% | -0.02% | -0.03% | |
| NZD | 0.15% | -0.04% | 0.12% | 0.02% | -0.18% | 0.02% | -0.02% | |
| CHF | 0.14% | -0.02% | 0.13% | 0.02% | -0.17% | 0.03% | 0.02% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
- AUD/USD rises modestly on Wednesday as market sentiment improves
- Optimism over US-China trade talks supports risk assets
- Traders await Australia’s PMI data on Thursday and US inflation on Friday
AUD/USD trades slightly higher around 0.6500 on Wednesday at the time of writing, up about 0.10% for the day. The pair benefits from a renewed risk-on mood, as investors welcome more constructive signals on the trade front between the United States (US) and China. In this context, the Australian Dollar (AUD) is outperforming slightly, while the US Dollar (USD) remains more hesitant.
Risk-sensitive flows have strengthened ahead of a new round of discussions between policymakers from Washington and Beijing, seen as an opportunity to ease tensions over tariffs, export controls, and technology sharing. In the background, the recently signed bilateral agreement on critical minerals between the United States and Australia is viewed as a further step toward securing supply chains, a structurally positive factor for an Australian economy highly dependent on commodities.
On the data front, the pair remains sensitive to upcoming releases. In Australia, Thursday’s preliminary Purchasing Managers’ Index (PMI) figures will provide a snapshot of early-quarter activity momentum and may influence expectations regarding the Reserve Bank of Australia (RBA). In the United States, the Consumer Price Index (CPI) for September, due Friday, remains the week’s key event for markets, with potential implications for the Federal Reserve (Fed) and, consequently, for the US Dollar (USD).
Australian Dollar Price Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.13% | 0.02% | -0.09% | -0.29% | -0.19% | -0.19% | -0.12% | |
| EUR | 0.13% | 0.13% | 0.07% | -0.16% | -0.06% | -0.04% | 0.00% | |
| GBP | -0.02% | -0.13% | -0.08% | -0.29% | -0.20% | -0.17% | -0.13% | |
| JPY | 0.09% | -0.07% | 0.08% | -0.21% | -0.11% | -0.08% | -0.03% | |
| CAD | 0.29% | 0.16% | 0.29% | 0.21% | 0.09% | 0.12% | 0.16% | |
| AUD | 0.19% | 0.06% | 0.20% | 0.11% | -0.09% | 0.03% | 0.07% | |
| NZD | 0.19% | 0.04% | 0.17% | 0.08% | -0.12% | -0.03% | 0.04% | |
| CHF | 0.12% | -0.00% | 0.13% | 0.03% | -0.16% | -0.07% | -0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
Forex Market News
Our dedicated focus on forex news and insights empowers you to capitalise on investment opportunities in the dynamic FX market. The forex landscape is ever-evolving, characterised by continuous exchange rate fluctuations shaped by vast influential factors. From economic data releases to geopolitical developments, these events can sway market sentiment and drive substantial movements in currency valuations.
At Rakuten Securities Hong Kong, we prioritise delivering timely and accurate forex news updates sourced from reputable platforms like FXStreet. This ensures you stay informed about crucial market developments, enabling informed decision-making and proactive strategy adjustments. Whether you’re monitoring forex forecasts, analysing trading perspectives, or seeking to capitalise on emerging trends, our comprehensive approach equips you with the insights needed to navigate the FX market effectively.
Stay ahead with our comprehensive forex news coverage, designed to keep you informed and prepared to seize profitable opportunities in the dynamic world of forex trading.
