Japan’s GDP decline fuels greenback’s rebound

FX:GBPUSD   British Pound / U.S. Dollar

Early this morning, the collection of Japan’s economic data indicated a contraction, its GDP has decreased by 0.3% in the quarter, against estimates for a 0.3% increase. As such, USD/JPY added over 100 pips to 139.88, currently at 140.28. USD/CAD also slightly recovered to 1.3311.

Meanwhile, EUR/USD bounced back from a low of 1.0274 to 1.0325, investors expected tonight’s Eurozone GDP quarterly growth will fall from 0.8% to 0.2%. GBP/USD recorded a 79 pips loss to a closing price of 1.1752.

After some fluctuations, AUD/USD closed at 0.6696 with minor losses, the meeting minutes released by the Reserve Bank of Australia show the central bank has considered a 50 basis point rate hike for November.

Spot gold closed at $1,771.24 and was last traded at $1,769.79 an ounce. WTI oil futures declined to $85.87 a barrel.

FTX’s recent collapse sees Bitcoin plunging to a low of 15,852.