Forex trading news and economic data headlines 15 Nov 2016
News:
- Leaked memo says the UK government still has no overall Brexit plan
- Carney says MPC not actively considering expanding QE programmes
- More from Carney: BOE has a neutral bias on monetary policy
- BOE's Carney says he will step down in June 2019
- Carney says scale and direction of GBP move suggests markets expect slower UK growth and reduced openness
- BOE's McCafferty says UK faces significant, elevated uncertainty that is likely to be prolonged
- Carney still expects inflation to rise despite Oct data
- BOE's Carney says scale of fall in GBP assumes weaker UK productivity and a less open economy
- BOE MPC member Saunders says they do not know what shape Brexit will take
- BIS says stronger US dollar could have implications for financial stability
- RBA's Lowe confident that inflation will rise
- RBA's Lowe says central scenario for Australian economy remains positive
- Russian Economy Minister detained over bribery charges
- Option expiries for the 10 am NY cut today 15 Nov
- Nikkei 225 closes down -0.03% at 17,668.15
Data:
- UK CPI Oct mm +0.1% vs +0.3% exp
- Eurozone Q3 GDP flash qq +0.3% as exp
- Germany ZEW Nov current situation 58.8 vs 61.6 exp
- Germany Q3 GDP flash qq +0.2% vs +0.3% exp
- Eurozone trade balance Sept SA EUR +24.9bln vs +22.1bln exp
- France CPI Oct final mm 0.0% as expected
- Spain CPI October final mm +1.1% vs +1.1% exp
- Italy Q3 GDP flash qq +0.3% vs +0.2% exp
- Japan machine tool orders Oct final yy -8.9% as exp
Another busy time as first the euro found some love again and that then turned into another slap for the pound.
Plenty of price moves, and too many to detail here, so I'll refer you to your charts but the gist is an early sell-off in USD that saw USDJPY fall to 107.84 from 108.34 in a rush that sent EURUSD up through 1.0770 res and GBPUSD testing 1.2500 .
Reports that the 07.00 GMT fix had seen some solid euro buying interest added to the demand and with EURGBP rallying 70 pips in minutes we saw GBPUSD pushed down below 1.2400.
Adding to the pound's woes has been a leaked report saying the govt still has no plans for Brexit in place yet and softer inflation data.
USDJPY found some demand into 107.75 again and has rallied in general USD-demand that has prevailed in the session's H2 that's seen USDCHF up to 0.9989 keeping EURCHF tight on 1.0750 pushing EURUSD back down to 1.0766 from 1.0816 early highs.
USDCAD , AUDUSD and NZDUSD have all been in fickle yet less volatile mode as cross-plays and commodities prevent ranges from extending too far.
US retail sales report at 13.30 GMT the data highlight ahead plus some Fed talking heads.
It's fragile out there again.
