Forex trading news and economic data headlines 9 Nov 2016
News:
- Trump becomes 45th President of the USA
- Trump says forgotten men and women of USA will be forgotten no more
- Putin says he wants full restoration of US-Russian relations
- EU invite Trump to Europe for summit meeting
- UK's May says she looks forward to working with Trump
- Turkey's Erdogan says he hopes US election will lead to positive steps for region
- Trump is the new King of the Western World, so what's next for currencies ?
- What are the trading risks ahead following the Trump victory?
- Why the US dollar will be a 'buy' once the Trump dust settles
- Euro on the slide again as Trump victory confirmed
- Japan's Suga says current FX moves are one-sided, speculative and rapid
- Japan's Asakawa says they are watching market moves as London and NY open
- USDJPY rallies as MOF,BOJ hold their meeting
- Mexico's central bank to meet with finance ministry later today
- ECB's Praet says it's too early to draw conclusions from US election result
- ECB stands ready to intervene in an emergency says Nowotny
- ECB can suitably respond to any possible shocks from the US election - Jazbec
- AUDJPY suffers largest one-day fall since 2010 as yen demand prevails
- USDCAD retreats off oil-led rally above 1.3500
- EURCHF finds a base at 1.0750 again with SNB never too far away from the action
- SNB declines to comment on possible FX intervention
- What did I miss?
- BOE regional survey points to broadly stable/slightly lower investment spending
- Option expiries for the 10 am NY cut today 9 Nov
- Nikkei 225 closes down 5.36% at 16,251.54
Data:
- September 2016 UK visible trade balance -12.698bn vs -11.363bn exp
- US MBA mortgage applications -1.2% vs -1.2% prior
- Japan economy watchers survey Oct current 46.2 vs 44.4 exp
A wild and whacky session and I'm not just talking about Donald Trump becoming the 45th President of the USA.
Far too many moves to detail but the gist is that early Asia saw USD demand as Clinton looked to be winning the race to the White House but then doubts crept in on the Ohio result and the Trump bandwagon rolled on.
Cue EURUSD up to 1.1300, GBPUSD to 1.2548 and USDJPY down to 101.20 with AUDUSD bucking the trend and falling to 0.7578 as AUDJPY selling prevailed. Similarly USDCAD rallied to 1.3526 on CADJPY selling/lower oil combo. EURGBP posted 0.9026 as the pound lagged.
Cue confirmation of the Trump victory and rather then more of the same as many expected/feared we got a reversal that has seen EURUSD test 1.1030 support, GBPUSD 1.2353 but finding dip-demand as EURGBP plummeted to 0.8890
USDJPY has been up to 103.77 with USDCHF getting a helping hand from the SNB at 0.9550 to post 0.9800 before both pairs retreated. EURCHF held 1.0750 and bounced back above 1.0800 courtesy of the SNB before the final result was known
Equity markets were on the back foot and opened up in negative territory before rallying then falling again.
So markets/traders/algos in a bit of a spin and we're a long way off from getting a clearer picture anytime soon.
