Forex news and economic data headlines 18 October 2016
News:
- It's very likely that Brexit needs ratification by MP's - Government attorney
- Price data fails to keep the pound inflated - What does it mean for the BOE?
- Brexit: The hard and soft facts and the myths - More from John Hearn
- Pound enjoys good two-way business after UK inflation data
- It's time for OPEC and non-OPEC to take action says Barkindo
- ECB lending survey: Banks see tighter credit standards on business loans
- Latest Reuters poll expects the RBI to cut repo rate by 25 bps in Q1 2017
- More option expiries of note over the next few days 19-24 Oct
- Option expiries for the 10 am NY cut today 18 Oct
Data:
- September 2016 UK CPI 1.0% vs 0.9% exp y/y
- UK PPI input Sept mm NSA 0.0% vs +0.4% exp
- China Big 4 bank loans end-Sept yuan 39trln
- China M2 money supply Sept yy +11.5% vs +11.6% exp
UK inflation data and on-going Brexit rumblings have kept the pound at the top of the headline leader board again.
A session that's seen a softer US$ generally but we've seen the pound make the most advantage taking its cue from the Asian GBPUSD stop-hunt spike to 1.2274.
From a retreat to 1.2230 we've seen a move post-data to 1.2280 before falling back again only to rally once more and push through 1.2300 as High Court comments on Brexit found a few buyers again. EURGBP similarly has been up, down , up and down again between 0.8950 and 0.9010.
EURUSD has been pinned around 1.1010 with large option expiries in focus and USDJPY has been toying with 104.00 for the most part before dipping to 103.83
Oil has remained mostly firm and helping to push USDCAD lower while equities have also enjoyed a decent session. Firmer commodities have underpinned AUDUSD and NZDUSD but both have run into sellers again.
US CPI the data highlight to come at 12.30 GMT
