Forex trading news and economic data headlines 10 Nov 2016
News:
- Abe adviser Shibayama says "no comment" when asked about specific FX moves
- Ex-MOF Watanabe says yen will weaken slowly as Fed likely to hike rates in Dec or Jan
- USDJPY breaches 106.00 as exporter supply gets absorbed
- USDJPY march higher stalls into strong 107.00 sell interest
- It is too early to speculate about the impact of the US vote says ECB's Hansson
- IEA: 2017 could be another year of relentless global oil supply growth
- UK's ONS to make CPIH the preferred measure of inflation from March 2017
- India's Jaitley says banks still need new capital after government move to demonetise higher value notes
- AUDUSD builds a platform at 0.7700
- AUDUSD testing recent highs underpinned by AUDJPY demand
- EURUSD sub 1.0900 once again
- EURUSD pops 1.0900 and triggers stop-loss selling
- Option expiries for the 10 am NY cut today 10 Nov
- Nikkei 225 closes up + 6.72% at 17,344.42
Data:
- France industrial production Sept mm -1.1% vs -0.3% exp
- Italy industrial production Sept mm -0.8% vs -1.0% exp
- Greece CPI Oct yy -0.5% vs -1.0% prev
- China vehicle sales Oct yy +18.7% vs 26.1% prev
- Japan machine tool orders Oct yy flash -8.9% vs -6.3% prev
The day after the potentially ground-breaking event that was the US election result has seen more USD demand, firmer equities/commodities and the yen sellers out in force.
USDJPY stalled at 106.00 but then surged higher to post 3-month highs of 106.93 but capped by strong sell-interest at 107.00. Yen pairs have also risen but similarly finding a few sellers as I type.
The Aussie $ has been a notable exception to the general USD demand and posted 0.7742 from 0.7665 helped by firmer commodities in addition to the AUDJPY demand and buying interest vs NZD following the RBNZ rate cut.
EURUSD remained on the slide and took out 1.0900 demand to fall to 1.0887 but EURGBP dip demand coupled with the EURJPY buying helped to post 1.0915 so far. GBPUSD tumbled through 1.2400 on the EURGBP demand but held on to 1.2380 support lines.
Large option expiries in play on EURUSD and USDJPY but also at 1.3400 on USCAD and that's helped to keep the pair contained
Markets are still in fragile mode and caution is advised as the post-election fallout continues. Lot's of good moves to be traded but don't get greedy.
