Forex news from the North American session 30 Oct

News:

  • US Fed's Williams says policy must cope with low natural interest rates
  • Atlanta Fed says US economy on track to grow +2.5% in Q4
  • Williams says Fed yet to decide on lift-off timing
  • Michigan's Curtin says an inflation increase will harm consumers
  • Moody's says US retail outlook remains positive
  • US stepping up its operations in the Middle East
  • White House says Obama not contemplating long-term ground campaign in Iraq
  • US Fed's George says the labour market has healed fairly rapidly
  • Yellen says the TLAC plan is a key step in addressing "too big to fail"
  • EU's Dijsselbloem says Eurogroup will discuss Greek ESM programme
  • US Fed signs off on rule setting collateral in swaps trading
  • S&P cuts Saudi Arabia sovereign credit rating to A+ from AA-
  • Watch out for data from China over the week-end
  • Greece says the EBRD will participate in recapitalisation programme
  • ECB to publish calendars of its Executive Board members
  • USDCAD dumped, AUDUSD surges as London fixing sees commodities race higher
  • EURGBP feels the full range of month-end business
  • US$ feels a bit of love as the week-end beckons

  • CFTC Commitment of Traders report: Euro shorts increase US equity markets close lower 30 Oct

  • Phillips and the Keynesians: More from guest economist John Hearn

Data:

  • September 2015 US personal income 0.1% vs 0.2% exp m/m
  • Chicago PMI Oct 56.2 vs 49.4 exp
  • Canada GDP Aug mm +0.1% vs +0.1% exp
  • Michigan consumer sentiment Oct final 90.0 vs 92.5 exp
  • Milwaukee ISM Oct 46.66 vs 44.00 exp
  • Baker Hughes US rig count w-e 30 Oct 775 vs 787 prev

A typical month-end session that featured USD outflows but one that saw a few losses pared back by the end of the day and the euro coming under renewed pressure

Month-end flows had seen the usual rise in EURGBP which posted 0.7200 from 0.7170 but then turned lower giving good support to an already advancing cable which took full advantage of the double-whammy to post 1.5468 from 1.5340

With EURGBP tumbling to 0.7123 we saw EURUSD dragged back with it to 1.0995 from 1.1073 and that in turn weighed on other euro pairs with pressure on EURJPY capping any advances from USDJPY . That pair had rallied to 120.75 from 120.43 but has since been camped around 120.65

USDCAD tumbled to lows of 1.3055 from 1.3120 as the 16.00 GMT London fix found good demand for commodities and similarly AUDUSD rallied strongly to 0.7149 from 0.7120

NZDUSD had a good session overall rising steadily from 0.6730 on the USD-neg sentiment to post 0.6793 only to then run out of steam with offers at 0.6800 prevailing

A busy session to end an eventful month and we can look forward to another lively week ahead

Thanks again for all your fantastic support and input. We couldn't do this without you

Have a great week-end one and all