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Outsized drop appears to be overdone, but New Zealand Dollar (NZD) could test 0.5620. The next support at 0.5600 is unlikely to come under threat. In the longer run, downward pressure has increased; NZD could weaken to 0.5600 next, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Villeroy is a known dove, so he will keep the door open for another rate cut. The recent data though, suggests that economic conditions not only are more than fine, but they are also improving.Therefore, the ECB is really well positioned at the moment and the next move can be either a cut or a hike.

This article was written by Giuseppe Dellamotta at investinglive.com.

Such comments are not new at all as ECB members continue to repeat the same stuff over and over again. The ECB continues to keep the door open for another rate cut, but the
bar was set high given that they also added that they will need a
significant reason to cut and that small or short-term deviations from
their target won’t call for a policy response.

This article was written by Giuseppe Dellamotta at investinglive.com.

The New Jersey governor race took place amid a government shutdown, a decline in approval for President Donald Trump and national concerns about affordability.

Citing two sources familiar with the matter, Reuters reported on Wednesday that China issued a guide that would stipulate new data centre projects that have received any state funds to only use domestically developed Artificial Intelligence (AI) chips. 

Eurozone Producer Price Index (MoM) below expectations (0%) in September: Actual (-0.1%)

Eurozone Producer Price Index (YoY) in line with forecasts (-0.2%) in September

• Prior -0.3%; revised to -0.4%

This article was written by Justin Low at investinglive.com.

The Institute for Supply Management (ISM) is scheduled to release the October Services Purchasing Managers’ Index (PMI) on Wednesday.

There is a chance for GBP to break below 1.3000; given the deeply oversold conditions, any further decline is unlikely to reach 1.2960. In the longer run, GBP is still negative, but further downside may be limited.