Forex news for North American trading on Nov 24, 2016:
- Some ECB policymakers see room to wait until January on QE extension announcement
- More-complete Canadian employment survey shows Sept truly was strong but divergence continues
- SNB's Zurbruegg: Negative rates playing 'decisive role' in curbing CHF
- October 2016 French jobseekers 3.479m vs 3.478m exp
- OPEC ECB says OPEC should cut by 1mbpd and non-OPEC by 500kbpd
- Eurozone is in much better shape than 5 years ago says ECB's Nowotny
- ECB's Weidmann wants gradual phase out of bond buying
- ECB's Praet says 'integration fatigue' setting into Europe
- Nov Belgian business confidence -1.8 vs -1.6 exp
- Canadian Q3 corporate profits +14.0% q/q vs -3.4% prior
Markets:
- Gold down $23.75 to $1184
- Toronto TSX up 0.1%
- AUD leads, JPY lags
The market moves weren't bad for a US holiday.
EUR/USD managed a 40 pip range in North American trading. it started just above 1.0540 then touched off 1.0580 just as London was shutting down. The extremes were within Asian and European parameters and it finished back near the US lows. The ECB headlines had no effect as they indicate the ECB will still continue bond buying, only the announcement could come later.
USD/JPY caught a sharp bid late in Asia and rose to a six-month high of 113.53 then slipped all the way back to 112.80 midway through European trade. From there a steady bid crept in and we finish near 113.40. There isn't even profit-taking from the USD/JPY-train on a holiday.
Cable traded in a 1.2430 to 1.2480 range before finishing near the lower part.
On the whole, the majors finish the day virtually unchanged with the exception of JPY and AUD.
The Australian dollar was hit with terrible construction data but it shrugged off the numbers and slowly crept up to 0.7406 from 0.7360. USD/CAD was comatose near 1.3490 throughout North American hours.
This future Fed leader wishes you all a Happy Thanksgiving:
