Forex trading news and economic data headlines 3 Nov 2016
News:
- UK court: Issue before the court is a pure issue of law and is justifiable
- Court ruling won't derail Brexit timetable says May
- UK's Fox: government is disappointed by High Court judgement on article 50
- UK could still change its mind over Brexit after triggering Article 50
- Pound surges on High Court Brexit ruling but sellers quick to jump in
- Brexit: What now?
- EURGBP testing 0.8900 as we wait on Carney & Co
- Between Fed and BOE here's what major banks are looking at
- ECB monthly bulletin: See no signs of convincing upward trend in inflation
- ECB's Villeroy to UK: No regs, no passport
- Italian unemployment rate takes an unwelcome turn to the upside
- Option expiries for the 10 am NY cut today 3 Nov
Data:
- October 2016 UK Markit CIPS services PMI 54.5 vs 52.4
- October 2016 US Challenger layoffs 30,740 vs 44,324 prior
- September 2016 Eurozone unemployment rate 10.0% vs 10.0% exp
- Spain net unemployment change Oct 44.7k vs 77.0k exp
- Switzerland SECO consumer confidence Oct -13 as exp
A busy session was always on the cards given what was on the menu and it hasn't disappointed.
USDJPY selling in Asia set the early tone for yen demand but it was only a matter of time before focus turned toward the pound with , services PMI, High Court Brexit ruling, and BOE all eagerly anticipated.
Early shadow boxing had GBPUSD ranging 1.2330-60 and even better services PMI couldn't shake it up as we waited on the men in white wigs. Cue a ruling against the govt and cue GBPUSD racing to 1.2450 only to retreat as quickly to 1.2380 on the promised of appeals as per my preview with EURGBP falling to 0.8911 then bouncing back above 0.8950.
Cue 2nd wave demand and another test of 1.2450 with EURGBP posting 0.8893 only to bounce back above 0.8925 as option-based defence played out.
BOE awaited now at the top of the hour with GBP dipping again. BOE inflation report presser from 12.30 GMT
Elsewhere equities have turned positive while gold came in for a rapid slap and AUD, CAD and NZD remain underpinned but failing to advance further.
More data to come out of NA to throw into the mix but for now it's all eyes on the UK.
