Forex news from the European morning session 6 Nov

News:

  • BOE's Shafik says UK recovery is still quite solid
  • BOE's Shafik says UK economy doesn't require more stimulus at the moment
  • BOE's Forbes says shocks to pound can have varying impact on CPI
  • ECB's Jazbec doesn't see need for more stimulus at the moment
  • ECB's Mersch says Europe needs strong banks to finance the economy
  • ECB's Hansson says that the ECB has a bit more space on deposit rate
  • PBOC hits the repeat button on prior comments
  • ECB's Praet says policy based on data but data must be in context
  • China's securities regulator says it's taking measures against 7 institutions
  • SNB forex reserves rise to CHF 550.93bln in October
  • Japan's economic advisory panel to propose corporation tax cuts to below 30%
  • Australia forex reserves Oct AUD 64.3bln vs AUD 72.2bln prev
  • Will non-farm payrolls pull another big dollar move out of the hat?
  • London broker landscape to see a further shake-up
  • Riding the markets is one thing, riding 82 miles is far more challenging
  • Option expiries 10am NY cut today 6 Nov

Data:

  • Germany industrial production Sept mm -1.1% vs +0.5% exp
  • September 2015 UK industrial production -0.2% vs -0.1% exp m/m
  • UK visible trade balance Sept GBP -9.351bln vs GBP -10.6bln exp
  • Nikkei 225 closes up +0.78% at 19,265.60

Al eyes on the NFPs but that hasn't stopped the pound coming in for another kicking so far

It's been an understandably subdued session elsewhere but GBPUSD gave up support at 1.5200, then 1.5180, 1.5165 and 1.5150 to post lows of 1.5120 as I type with EURGBP running up from 0.7160 to highs of 0.7193 so far. The pattern has been the same across other GBP pairs despite better mftg and trade data although industrial production came in below expectations

EURUSD has mostly been crawling around 1.0875 while USDJPY has been underpinned above 121.70 but running into tough option related resistance at 122.00

USDCHF similarly has looked ok but going nowhere in a hurry with large option expiries also coming up later at 1.0000

USDCAD has enjoyed some USD love ahead of NFPs finally chewing through 1.3200 from good support around 1.3160 despite firmer oil prices.

AUDUSD and NZDUSD have both traded tightly as the shadow of NFPs casts its shadow

We don't have long to find out now