Bullet Report: Top 5 Updates to Know About the Market Today, October 31st

1. Overnight, the greenback slipped 0.4% against a basket of currencies after reports that former aides of U.S. President Donald Trump, including former campaign manager, Paul Manafort, were charged by federal authorities probing Russian interference in the 2016 election. USD/JPY dropped 0.03% to 113.15, while AUD/USD was quoted at 0.7682, down 0.08%.


2. Gold markets remained cautious ahead of a two-day US Federal Reserve policy meeting beginning Tuesday, the likely announcement of the next Fed chair on Thursday and US payrolls data on Friday. Spot gold was little changed at $1,275.54 per ounce. It has shed about 0.3% so far in October, in what could be its second straight monthly decline. Spot gold may test resistance at $1,281 per ounce, a break above which could lead to a gain to the next resistance level at $1,286, according to Reuters technical analyst Wang Tao.


3. GBP/USD rose 0.46% to 1.3192 as markets expect the Bank of England to raise interest rates by 25 basis points on Thursday. The U.S. dollar index fell 0.21% to 94.52.


4. Oil prices eased on Tuesday as traders took profits following days of gains and as the prospect of increasing U.S. exports dampened overall bullish sentiment that has driven Brent above $60 per barrel while WTI hit $54.10; its highest since February.


5. So far in October, Silver has risen 1.2%, Platinum nearly 1%, while Palladium has gained 4%. Investors seem to have more faith in precious metals as opposed to currencies with the myriad of global issues.


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