Forex trading news and economic data headlines for the European session 24 October 2016
We should have a thorough discussion of we go from here to March says ECB's Hansson
Do you want to know where Morgan Stanley are looking to short AUDUSD?
BOJ to be more tolerant with higher yield volatility - Bloomberg
Bundesbank says German inflation could exceed 1% by year-end
October 2016 UK CPI industrial trends orders -17 vs -4 exp
OPEC and Russia are committed to stable oil prices
Q2 2016 Eurozone budget deficit -1.5% of GDP vs -1.6% prior
Italy non-EU trade balance Sept yy +EUR 2.88bln vs +1.426 prev
October 2016 Eurozone Markit manufacturing PMI flash 53.3 vs 52.6 exp
October 2016 German Markit manufacturing PMI flash 55.1 vs 54.4 exp
Trade ideas for the European session 24 October 2016
October 2016 France Markit manufacturing PMI flash 51.3 vs 50.0 exp
UK's BBA: Banks could start moving operations to Europe before year-end
September 2016 Japan supermarket sales -3.2% vs -2.9% prior y/y
August 2016 Japan leading index 100.9 vs 101.20 prior
Forex option expiries for the 10am (14.00 GMT) New York cut
Chinese state banks selling USD in FX market
Economic data due Monday 24th October 2016
Barclays are not expecting more BOJ easing until mid 2017 or later
On another day, in another lifetime, European data, the likes of which we saw today, would have seen a decent price move. Alas we're still trading central bank decisions and the data doesn't mean squat in the bigger picture. It didn't matter that the PMI's were at multi-month highs or that prices were seen rising across the board at the highest rate for 15 months, Draghi's message last week is ringing in our ears so the data stands for nothing between now and Dec. As such, EURUSD is up a grand total of 35 pips from the Asia lows and half of that came before the data.
GBPUSD faired better on the range by seeing a 63 pip range from just under 1.2190 to a high of 1.2249.
Both pairs look to be supported by yen selling and that's helping to keep USDJPY in striking distance of 104 once again. That's been tight too between 103.80 an 104.00.
Overall it's been a bit of a dull start to the week. CETA talks are set to continue today with players once again trying to please the Walloons. That should be entertaining later. On the US calendar, the Oct flash Markit manufacturing PMI is the highlight.
