Global Forex Market Update: Key Signals, UK Budget Impact, and Rising Trade Tensions - October 30, 2024

Markets are buzzing as tech giants lead the charge.

Alphabet’s earnings exceeded estimates, pushing the Nasdaq to a new record high and raising optimism across major indices.

Bitcoin is edging closer to an all-time high amid growing interest in digital assets. Meanwhile, the bond markets are in focus, with analysts urging caution as yields face new pressures.

Key economic data from the U.S. and Eurozone, plus earnings reports from big names like Amazon and Apple, are on deck this week. Let's dive into what to watch and how to trade these market moves.

Key Headlines

🇬🇧 UK Budget DayChancellor Rachel Reeves unveils her first budget with expected £35B in tax increases and spending cuts, plus a £3B defense boost. Look for GBP/USD volatility.

🇪🇺 EU vs. China EV TariffsThe EU enforces new tariffs on Chinese electric vehicles, rising up to 45%, intensifying trade tensions. Potential impact on EUR/USD and EUR/CHF.

🇺🇸 US Earnings & Political WatchAlphabet's earnings beat lifts Nasdaq, while Kamala Harris challenges Trump’s potential return. Key USD pairs may reflect investor reactions.

🇨🇭 UBS Earnings SurgeUBS reported a net income nearly double expectations at $1.4B. Positive outlook for USD/CHF and other CHF pairs.

🌡️ Climate Impacts on SleepNighttime heat, linked to climate change, impacts global sleep patterns. Environmental market shifts may impact green stocks.

Trade Now

📈 Intraday Signals for Today

Gold (XAU/USD)

• Pivot: 2766.00

• Buy Above: 2766.00

• Targets: 2788.00, 2800.00

• Alternative: Sell below 2766.00, targeting 2757.00, 2746.00

EUR/USD

• Pivot: 1.0800

• Buy Above: 1.0800

• Targets: 1.0835, 1.0850

• Alternative: Sell below 1.0800, aiming for 1.0785, 1.0770

GBP/USD

• Pivot: 1.2985

• Buy Above: 1.2985

• Targets: 1.3020, 1.3040

• Alternative: Sell below 1.2985, targeting 1.2970, 1.2955

USD/JPY

• Pivot: 153.60

• Sell Below: 153.60

• Targets: 153.05, 152.75

• Alternative: Buy above 153.60, aiming for 153.85, 154.25

USD/CAD

• Pivot: 1.3900

• Buy Above: 1.3900

• Targets: 1.3930, 1.3950

• Alternative: Sell below 1.3900, targeting 1.3885, 1.3870

📅 Key Events to Watch Today

• Eurozone: Q3 GDP forecast at +1.0% YoY

• Germany: GDP expected at -0.2% YoY, inflation at 1.8%

• US: ADP employment data and Q3 GDP growth expected at +3.3% QoQ

Call to Action:

As the market steers through tech earnings, U.S. economic data, and geopolitical developments, strategic insights and timely analysis are essential for successful trading.

Follow our blog and subscribe to forex368.com for regular market updates, trade signals, and insights to help you make informed trading decisions.

Stay ahead of the curve and take advantage of these dynamic market opportunities! 📈