Forex news from the European morning session - 1 November 2019
Headlines:
- Farage: We will contest for every single seat
- UK October manufacturing PMI 49.6 vs 48.2 expected
- Switzerland October CPI -0.2% vs -0.1% m/m prior
- Economists see no more RBA rate cuts for this year - poll
China says that reports of Xi, Trump meeting in Macau is pure speculation
Markets:
- NZD mildly higher, majors flat
- European equities a little higher; E-minis up 0.2%
- US 10-year yields flat at 1.693%
- Gold down 0.2% to $1,510.70
- WTI up 0.3% to $54.35
- Bitcoin up 0.8% to $9,265
Markets stayed quiet for the most part in the European morning as all eyes turn towards the US non-farm payrolls release at 1230 GMT.
The dollar was weaker to start the day but pared losses during the session and held relatively steady as most major currencies are trading sideways at the moment.
EUR/USD eased from 1.1165 to 1.1140 before lingering around 1.1150-55 as large expiries are seen around 1.1150-00 today. Meanwhile, USD/JPY is barely changed around the 108.00 handle while AUD/USD hugged the 0.6900 level as well (large expiries here too).
Cable was a bit more active as it raced to a high of 1.2973 before falling back to stay around 1.2940-50 levels even as Nigel Farage announced that his Brexit Party would contest for every seat in the upcoming election.
The polls do not favour give them much credit for now but in the coming weeks, it could be a potential risk for the pound and Johnson's Brexit deal.
Looking ahead, it's all about the countdown to the jobs data. So, let's see if we'll get any more major surprises before the weekend.
