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In the Eurozone, the EUR/USD currency pair maintained stability around 1.0700, having recorded slight gains on the preceding day. Forecasts for the European economy suggested a modest annual growth rate of 0.1% in the third quarter.
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In the UK, the Office for National Statistics reported an unchanged ILO Unemployment Rate of 4.2% for the three months ending in September. Concurrently, wage inflation, measured by the change in Average Earnings Including Bonus, retreated to 7.9% on a yearly basis from 8.2%. The Pound Sterling exhibited minimal response to these statistics, with GBP/USD trading slightly below 1.2300.
Notably, the National Australia Bank’s Business Conditions Index showed a slight improvement, reaching 13 in October from 11 in September. Conversely, the Business Confidence Index dipped to -2 from 1 during the same period. In the Asian trading hours, AUD/USD faced modest bearish pressure, ultimately registering a 0.2% decline on the day at 0.6365.
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About the Author: Editorial team of BIPNs
