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Friday, October 30, 2026
What’s happening: The euro traded higher versus the US dollar this morning as investors responded to the European Central Bank keeping its interest rates unchanged.
What happened: The US Federal Reserve had held its benchmark interest rates unchanged on Wednesday.
ECB President Christine Lagarde announced plans to step down early.
Why it matters: The European Central Bank held its key interest rates, keeping the deposit facility rate at 2.50% and the main refinancing rate at 2.65%, in-line with market expectations.
In its policy statement, the ECB warned of elevated energy prices presenting a dual threat to the Eurozone economy, potentially reigniting inflation and dragging down economic growth, particularly if second-round cost pressures intensify. Despite these headwinds, underlying inflation remained broadly stable.
While officials offered no explicit guidance on future rates, they noted that higher borrowing costs across Europe could dampen economic activity.
ECB President Christine Lagarde said she is considering stepping down before her term ends, amid higher volatility in French sovereign bonds and energy market pressures.
Data released on Thursday showed that the Eurozone’s industrial confidence indicator climbed to -3.4 in October from a revised reading of -3.9 in September. The figure also came in higher than market expectations of -3.8. The Eurozone’s economic sentiment indicator declined for a second straight month to 96.9 in October, while consumer confidence fell to -17.9 in October from -16.8 in September. The services sentiment in the Eurozone declined to 5.3 in October from a reading of 5.9 in the previous month.
Weakness in the US dollar also lent support to the EUR/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.3% to 101.74.
The EUR/USD pair rose more than 0.1% to 1.1195 this morning, after earlier falling to its lowest level since May 2025.
What to watch: Investors await the release of economic data on GDP growth rate (1400 UAE Time) and unemployment rate (1400 UAE Time) from the Eurozone today. The Eurozone’s economy, which expanded 1.2% year-over-year in the second quarter, is expected to grow by 1.1% in the third quarter. Analysts expect the Eurozone’s unemployment rate to remain at 6.4% in September, unchanged from the previous month.
Context: The Nasdaq 100 index fell more than 400 points on Thursday following disappointing quarterly results from Alphabet.
Details: Shares of Alphabet tumbled around 12.6% on Thursday after the Google parent reported weaker-than-expected results for the latest quarter citing higher AI-related cash burn. The decline in the stock dragged the communication services sector, which shed 6.6% during the session.
Meanwhile, healthcare and real estate sectors were among the top performers on Thursday, both rising more than 2%.
Data released on Thursday showed that the US PCE price index surged 0.5% in September, the most in six months, accelerating from August’s 0.3% gain. The US economy expanded at an annualised rate of 3.4% in the third quarter, accelerating from the previous quarter’s 2.2% growth.
Initial jobless claims declined by 1,000 to 194,000 in the week ending October 24, coming in below market estimates of 199,000.
Around 253 of the companies in the S&P 500 have reported earnings results, with almost 81% topping market estimates.
Amazon’s stock fell 6.5% in the after-hours session on Thursday as investors responded to the company’s weak fourth-quarter sales forecast.
The Dow Jones index dipped 132.54 points, or 0.25%, to close at 52,342.56 on Thursday, while the S&P 500 declined 0.30% to 7,720.39. The Nasdaq 100 fell 410.65 points, or 1.38%, to settle at 29,402.51.
What to watch: Data on US employment cost index (1630 UAE Time) and Chicago PMI (1745 UAE Time) will be released today. Compensation costs for civilian workers, which climbed by 0.9% in the second quarter, are expected to rise by 0.8% in the third quarter. Analysts expect the Chicago business barometer to fall to 56.1 in October from 58.8 in September.
Other Markets: Asian indices traded mixed this morning, with Japan’s Nikkei 225 and CSI 300 Index down by 2.72% and 0.98%, respectively, and Hong Kong’s Hang Seng Index up by 0.97%.
US President Donald Trump continued exploring oil and business agreements with Russia, as part of a strategy to end the conflict in Ukraine. The news sent the USD/RUB forex pair slightly lower in forex trading this morning.
Australia’s final demand producer price index surged 1.1% in the third quarter, above market estimates of a 1.0% rise. However, the latest reading easing from the previous quarter’s 1.3% gain lent support to the AUD/USD forex pair.
Japan’s industrial production jumped by 2.2% in September, rebounding from a 2.4% decline in the previous month. The figure topping market estimates of 1.3% sent the USD/JPY pair lower in forex trading this morning.
New Zealand’s ANZ-Roy Morgan consumer confidence index declined 2 points to 96.2 in October. The reading remaining below the 100 level for the eighth straight month exerted pressure on the NZD/USD forex pair.
UK’s net borrowing of consumer credit by individuals dipped to £1.9 billion in September from £2.7 billion in the previous month. However, the GBP/USD pair rose in forex trading this morning.
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