Forex news for the European morning trading session 13 Nov 2017
News:
- BOE's Haldane sees UK CPI staying above target "for the next few years"
- ECB's Constancio says "ample degree of monetary stimulus" still needed
- US Fed's Harker says he expects to be supportive of a December rate hike
- German government says there's a real urgency to make progress in Brexit talks
- UK government working toward EU summit in December
- IMF says disruptive Brexit would probably lead to "appreciably" lower UK and Eurozone growth
- OPEC says 2018 global oil demand will rise 1.51mln bpd vs 1.38mln prev
- OPEC's Barkindo says oil market is rebalancing at accelerated pace
- Forex option contract expiries for today 13 Nov
- Early pound pressure sees cable pop 1.3100
- Trading ideas for the European session
- Nikkei 225 closes down -1.32% at 22,380.99
- ForexLive Asia FX news wrap: GBP start the week on a downer
Data:
- Germany Oct WPI mm 0.0% vs 0.4% exp
- China Oct M2 money supply yy 8.8% vs 9.2% exp
- Japan Oct machine tool orders prelim 49.9% vs 45.0% prev
A busy enough start to the week with opportunities in pound and yen pairs particularly
USDJPY opened up near session lows around 113.40 after another late drop in the Nikkei that saw it close 1.32% on the day. Add some further/prevailing Asian GBP wobble on Brexit/govt fallout and we saw GBPJPY break down through 148.80 then 148.50 support lines as USDJPY pushed down to 113.27
GBPUSD meanwhile dropped through 1.3100 from 1.3120 to post 1.3080 and held to start with but then EURGBP made its way up through 0.8900 from 0.8880 to post 0.8918 and we saw GBPUSD down to 1.3062 before recovering to test 1.3100 and 0.8895 again.
EURUSD has trawled around 1.1650 pinned down by the cross play crossfire as EURCHF has been sold in steady fashion to temper the EURGBP demand. CHF notable but no prime movers per se. USDCHF down to 0.9936 from 0.9980
AUDUSD,NZD, and USDCAD all lot steadier by comparison with the latter enjoying some early demand but capped by firmer oil again.
Nothing of note data wise or CB speakers to come unless you hang to every repetition that Kuroda comes out with. He's due up to the mic at 17.45 GMT
So still heavily all geo-politically led with second-guessing on Fed Dec rate hike still in play.
