Forex: U.S. Dollar Was Relatively Flat on Thursday

The U.S. dollar was trading quite flat this morning in Asia following weak employment data.

Consequently, the U.S. Federal Reserve chairman, Jerome Powell might be forced to cut rate once more according to a senior economist at the Bank of America Corp.

The U.S. dollar index went up by 0.03% to trade at $98.722 against a basket of other major currencies.

After the rate cut last month, the U.S. President, Donald Trump reiterated that the cut was not enough to support the economy.

The GBP/USD pair saw a minimal change at 1.2301 after the British government revealed its new Brexit proposals.

Also, although the U.S. stated that there would be a new tariff of 10% on European-made Airbus planes and 25% taxes on other articles, the EUR/USD pair witnessed a minimal impact.

The USD/JPY pair was also mostly unchanged at 107.15.

Down below, the AUD/USD pair rose by 0.2% to 0.6713, while the NZD/USD pair slipped by 0.1% to 0.6262.

Bitcoin Traded Slightly Higher

Bitcoin traded slightly higher this morning in Asia. Data revealed that trading of digital coins rose in Hong Kong as traders might be looking for alternatives amid the political unrest that is currently affecting the financial markets.

Bitcoin was up and last traded at $8,323.9. Similarly, Ethereum and XRP rose by 2.1% and 1% respectively. Litecoin as well gained 0.6%.

More than $1.5 million worth of Bitcoin was exchanged in Hong Kong according to data from CoinDance.

This sudden rise is partly attributed to the political outbreak that shocked stock markets in June as pro-democracy citizens marched on the streets to voice against government policies on multiple occasions.

Crude Oil Futures Increased

Crude oil futures for delivery in November rose by 0.32% to $52.81 on Thursday on the New York Mercantile Exchange.

A barrel was trading in a bullish trading session earlier as it found support and resistance at $52.17 and $56.76 respectively.

Elsewhere on ICE, Brent oil for December delivery remained steady at $57.69 per barrel while the difference between the value of the Brent oil and Crude oil contracts was $4.88 per barrel.

Financial Events to watch for today

14:00 GMT
ISM Non-Manufacturing PMI (Sep) [US]