Forex news from the European morning session 5 Nov

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Data:

All eyes on the BOE this morning with the pound going nowhere fast but we've seen EURGBP and the euro see some good two-way business

It was a quiet start after another non-event in Asia but we saw a bit of early pressure on the euro as equity markets took a positive lead from China and we saw EURUSD chew through 1.0850 support to post 1.0834 .

Then European equities turned lower and we saw euro stage a decent rally with EURUSD up to 1.0892 and EURGBP to 0.7078 from 0.7042. EURJPY similarly rallied from 131.90 to 132.57. That's been the end of the euro strength so far though as equities turn back and reverse those losses

GBPUSD has been pinned around 1.5380 capped by EURGBP selling but underpinned by any lack of conviction to sell ahead of the big BOE events.

USDJPY had a dribble lower as the Nikkei closed on a softer note but we've seen a decent rally to 121.98 since from 121.45 as EURJPY finds a bid again and USD+ sentiment prevails mostly

USDCHF also enjoyed the euro ride and has posted 0.9980 from 0.9935 as EURCHF bounced back to 1.0836 from 1.0795

USDCAD has had the morning off again pinned between 1.3140-80 while AUDUSD also is trawling round between 0.7130-50 and NZDUSD found buyers below 0.6600 to stage a small rally

But it's all about the BOE. Then we'll move attention to the US NFPs tomorrow