Data from the U.S. showed that consumer confidence rose to 137.9 beating estimates of 136.3.

The Asian trading session saw the release of the quarterly inflation data from Australia. Data showed that consumer prices rose 0.4% on the quarter ending September 2018. This was the same pace of increase as seen in the previous quarter. On an annualized basis, Australia’s inflation rose 1.9%, which was slower compared to the 2.1% increase in the previous quarter.

The Bank of Japan was seen holding monetary policy unchanged at today’s meeting. The BoJ Governor Kuroda will be speaking shortly at the BoJ press conference.

The European trading session will see the release of the flash inflation data. Economists forecast consumer prices might have increased 2.1% on the headline and 1.0% on the core CPI on an annualized basis.

The NY trading session is relatively quiet. Canada will be releasing its monthly GDP numbers today. Among the central bank speeches lined up, the SNB chief, Thomas Jordan will be speaking followed by a statement from the BoC Governor Poloz.

EURUSD intraday analysis

EURUSD (1.1340): The EURUSD currency pair is on track to test the lower support level of the 1.1315 – 1.1300 region. Establishing support at this level could potentially pause the declines momentarily. The EURUSD currency pair could turn flat within the support level mentioned and the resistance area of 1.1435 which could be tested to the upside. A close above 1.1435 is needed for the EURUSD to post any correction to the upside

GBPUSD intraday analysis

GBPUSD (1.2710): The GBPUSD currency pair broke past the support level of 1.2808 and is now likely to extend the declines to the 1.2688 level. Establishing support here could give yet another opportunity for the GBPUSD currency pair to post a rebound. However, price action could remain muted within the newly formed support and resistance levels

XAUUSD intraday analysis

XAUUSD (1217.74): Gold prices, after a brief consolidation near the support level of 1225.35 were seen breaking past the support level to extend its declines. Price action is likely to target the downside at 1207. Any short-term rebound in price action could be seen retesting the breached support level at 1225.35 to establish resistance. In the event that gold prices break past the 1225.35 level of resistance, we could expect to see the rising wedge pattern being invalidated