Forex news for New York trading on Nov 7, 2016
Election news:
- Final polls
- Arizona has Trump 47 and Clinton at 44
- Latest round of Podesta emails lands
- CBS poll has Clinton showing a 45%-41% lead
- ABC / Washington Post poll has Clinton ahead by 47% to Trump's 43%
- Quinnipiac poll buts Clinton ahead in Florida and North Carolina
- Watch: David Tepper goes off on CNBC because Trump didn't donate
Other news:
- US Sept consumer credit +$19.29B vs $17.5B exp
- SNB's Maechler: Negative rates absolutely necessary
- May could reveal her Brexit plans for finance within weeks - FT
- US labour market conditions and employment trends rise in October
- ECB bought €7.121bn vs €17.195bn in latest QE count
- Greenspan sees the start of rising inflation
- Spain on course to beat 2016 GDP forecast of 2.9% says de Guindos
- Greece is broadly on track with fiscal targets says EU's Dombrovskis
- SNB say they are ready to intervene in currency markets if needed after US election
Markets:
- S&P 500 up 46 points to 2131
- Gold down $23 to $1281
- WTI up 89-cents to $44.96
- US 10-yearyields up 5 bps to 1.83%
- AUD leads, JPY lags
Most of the damage was done in Asia and early European trading but stock markets, risk trades and the US dollar got a final boost late in the day.
EUR/USD finishes down a cent. Bids near 1.1050 held in the opening decline and in early European trading but finally broke shortly after the open of the US stock market in a quick move down to 1.1030 that eventually extended to 1.1025 at the low before a 20 pip bounce late.
USD/JPY wasn't able to carve out a new high in New York trading as offers at 104.60/65 held the line. The range has increasingly tightened and the pair was largely confined to 104.40/60 despite improvements in risk trades elsewhere.
Cable finishes 120 pips lower in a reversal of much of Friday's outsized gain. However, the low in early Europe at 1.2379 held.
The late-day action in FX was largely in the Australian dollar as it broke out from a multi-day period of consolidation around 0.7680 and sprang up to 0.7700 and the finished at the highs of the day at 0.7727.
Strap in for tomorrow. Here is what I wrote minutes after the FBI news first broke.
