Forex trading news and economic data headlines 11 Nov 2016
The 11th hour of the 11th day of the 11th month - Lest We Forget
News:
- Coeure says it's too early to know whether US election result will affect ECB policy
- Cable climbs above 1.2600 as EURGBP tumbles again
- EURGBP is getting absolutely creamed - Where will it stop?
- EURGBP bounces back up through 0.8600
- EURCHF keeping the SNB in stand-by mode
- OPEC output +240kbpd to 33.64mbpd in Oct
- Moscow exchange says it suspends FX trading
- China to launch direct CAD/CNY trading from Monday
- Option expiries for the 10 am NY cut today 11 Nov
- Nikkei 225 closes up +0.18% at 17,374.79
Data:
- Germany Oct CPI mm final +0.2% as exp
- September 2016 UK construction output 0.3% vs -0.2% exp m/m
- China M2 money supply Oct +11.6% yy vs +11.4% exp
Another lively session in thin conditions that has seen the euro both slide and partially recover amongst a plethora of other ccy moves.
EURUSD began clinging onto 1.0900 where large expiries roll off later today but it wasn't long that EZ bonds came under pressure again and we saw a move down to test the key/strong 1.0850 area. The accompanying fall in EURGBP to 0.8567 from 0.8680 sent GBPUSD up through 1.2600 having taken out 1.2580-85 strong offers/res. Highs of 1.2674 have now reversed to post 1.2623.
USDCAD rallied from 1.3460 to post 7-month highs of 1.3542 as oil tumbled while AUDUSD and NZDUSD have also been in retreat as gold/commodity prices generally soften too.
USDJPY had another look upstairs into the 107.00 strong offers we've been banging on about but once again has failed with yen demand prevailing amidst the general market jitters again as the week comes to a close.
European equities have suffered losses after opening in positive territory and that's been adding to the general risk-off sentiment.
Once again its been a case of blink-and-you-miss-it and caution is still advised as the fall-out continues
