Forex news for the European morning trading session 8 Nov 2017
News:
- Harker says US Fed is on pace for December rate hike
- ECB should quickly reduce its asset purchases and end the programme earlier
- Eurozone needs to develop or we watch it unravel says Le Maire
- BOJ's Funo says current stock price gains strongly reflect global investment
- Trump to ask China to abide by UN resolutions and stop financial links with North Korea
- Li says China's economy still faces uncertainties
- US and Chinese companies sign trade deals worth around USD 9bln
- IMF's Lagarde says trade deals need to be improved for trade to remain a global growth engine
- BOE Agents Report: Expectations of weaker investment growth over next 2 years
- Forex option contract expiries for today 8 Nov
- NZDUSD underpinned as large option expiries play out
- RBNZ meeting - preview #4 (scenarios)
- RBNZ Oct. monetary policy meeting coming up - preview #3
- Trading ideas for the European session
- Nikkei 225 closes down -0.10% at 22,913.82
- ForexLive Asia FX news wrap: US tax news dominates
Data:
- France Sept trade balance EUR -4.669bln vs -4.680bln exp
- Spain Sept industrial production mm 0.1% vs -0.2% exp
- Japan Sept leading index CI provisional 106.6 as exp
All ranging again with markets still unsure where to go next and option expiry interest casting a shadow over a few pairs again.
General concern prevailing over Brexit talks, lack of any urgency for BOE hiking rates and a UK govt/PM struggling from within all helping to undermine the pound again. GBPUSD has been down to 1.3113 from 1.3160, EURGBP up to 0.8840 from 0.8805 and GBPJPY down to 149.00 from 149.80
EURUSD has been contained by large option interest as has USDJPY while NZDUSD has seen a decent rally up to 0.6935 from 0.6900 with options also in play. AUDUSD has decent size contracts at 0.7650 also supporting the pair and we've made steady progress up toward 0.7680 again.
USDCAD has headed south to 1.2730 from 1.2770 helped by oil firming again while USDCHF remains supported at 0.9980 but with rallies capped by EURCHF sell interest as the pair falls from 1.1600 to 1.1575
Gold has been steady, underpinned at $1276 to post $1282 while equities opened just in positive territory but have suffered a few losses since.
Not a lot on the data front but crude oil inventories at 15.30 GMT might provide some opportunity if wide of the mark. RBNZ rate decision the highlight later.
