Forex Today: Progress on US stimulus ahead of the presidential debate

Here is what you need to know on Friday, October 23:

The US Stimulus saga continues. House Speaker Nancy Pelosi said Democrats are “just about there” on a coronavirus stimulus deal with the White House, but also warned about a bill may take some time to pass Congress. The greenback recovered some ground against its major rivals, while Wall Street closed in the green. Government bonds eased and US Treasury yields reached fresh multi-week highs.

The EUR/USD pair eased towards 1.1820, while the GBP/USD pair settled below 1.3100. Commodity-linked currencies posted modest gains against its American rival.

EU’s chief negotiator Michel Barnier arrived in London to resume trade talks, after a one-week impasse, providing support to the pound. Barnier and his British counterpart, David Frost, are set to hold intensive talks, although both acknowledged “significant gaps” remain the most difficult areas, such as fishing rights and a level playing field, as per EU demands.

Gold retreated on the back of dollar’s strength, ending the day at $1,904 a troy ounce. Crude oil prices recovered some ground with WTI ending the day at $41.60 a barrel.

The focus shifts to the US presidential debate to take place in the Asian session.

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