Forex trading news and economic data headlines 7 Nov 2016
News:
- Latest ABC Washington Post poll has Clinton ahead by 47% to Trump's 43%
- The ECB are weighing possible steps to extend QE
- UK government drawing up a new bill for triggering article 50
- UK's Farage to lead a march on the Supreme Court
- UAE energy minister sees optimism in the oil market
- Issing expresses concern over the future of the Eurozone
- China forex reserves end-Oct USD 3.121trln vs 3.166trln prev
- SNB forex reserves end-Oct CHF 630.343bln vs 628.091bln prev
- Australia foreign reserves Oct AUD 64.9bln vs AUD 65.8bln prev
- Moody's say possibility of another round of early Spanish elections remains
- Eurozone retail PMI's fall in October but what happened in Sep?
- Option expiries for the 10 am NY cut today 5 Nov
- Nikkei 225 closes up 1.61% at 17,177.21
Data:
- Germany factory orders Sept mm -0.6% vs +0.2% exp
- September 2016 Eurozone retail sales -0.2% vs -0.3% exp m/m
- UK Halifax house price index Oct mm +1.4% vs +0.2% exp
- November 2016 Eurozone Sentix index 13.1 vs 9.0 exp
- Spanish industrial output Sept yy +0.8% vs +4.3% prev
The session began with a general risk-on sentiment following the FBI clearing Clinton over the email scandals and the sharp gaps in ccy and commodity prices on the Asian opening.
USDJPY had been up to 104.53 before retreating with strong EURJPY offers at 116.00 (as per recent order boards ) helping to cap but then had another push higher to 104.63 as yen supply prevailed across most pairs helping EURUSD find some dip-demand and AUDUSD too.
It wasn't long though before the moves ran out of steam as the reality of the US election unknowns returned and we've seen USDJPY dip again to 104.26, GBPUSD head up to 1.2433 from 1.2381with EURUSD trawling aroung1.1065 having held 1.1050.
USDCAD had tumbled in Asia testing 1.3300-20 on oil price spikes contra to the general USD positive tones elsewhere only to bounce back to 1.3420 in a catch up play. Since then we've had a line in the sand at 1.3380.
USDCHF and EURCHF have both run of out steam and been in general retreat as safe-haven CHF demand returns.
The countdown to the 2016 US election is now really underway.
