Forex news for the European morning trading session 7 Nov 2017
News:
- Trump says it's time to act with urgency and determination with North Korea
- ECB's Draghi says little evidence that negative rates are undermining bank profitability
- USD demand sees EURUSD down through 1.1580
- More of the same as USDJPY retreats again
- RBA responses coming in - Westpac says "We see a little more dovishness"
- China forex reserves end-Oct USD 3.1092trln vs 3.1085trln prev
- Switzerland Oct foreign currency reserves CHF 741.5bln vs 724.5bln prev
- Australia Oct foreign reserves AUD 78.1bln vs 74.9bln prev
- Forex option contract expiries for today 7 Nov
- Sompo Japan planning to increase US corporate bond investment
- Nikkei 225 closes up +1.73% at 22,937.60
- ForexLive Asia FX news wrap: A session that doesn’t deserve a headline
Data:
- Germany Sept industrial production mm SA -1.6% VS -0.9% exp
- Eurozone Sept retail sales mm 0.7% vs 0.6% exp
- UK Halifax Oct HPI mm 0.3% vs 0.2% exp
- Germany Markit Oct construction PMI 53.3 vs 53.4 prev
Another steady session that has seen the euro continue its recent slide post-ECB meeting the US dollar generally in demand.
EURUSD opened around 1.1600 but was soon drifting lower with EURGBP once again a prime mover and we've seen lows of 1.1554 after wiping its feet for one last time at 1.1580. The EURGBP supply down to 0.8792 initially helped support GBPUSD but we've now seen lows of 1.3124 with option expiries at 1.3150 in play.
USDJPY made short work of climbing back up through 114.00 and made steady gains before once again running out of puff at 114.35 while USDCHF also began on the front foot but failed at 1.0020 and returned to 0.9990.
USDCAD has posted steady gains from 1.2710 to 1.2765 on a combo of initial firmer USD then oil prices turning a little lower.
AUDUSD fell back to look at 0.7650 after its post-RBA rally failed at 0.7700 while NZDUSD has remained on the back foot around 0.6920. Latest GDT auction results due today around 13.00 GMT
Little data of note to come apart from US JOLTS jobs report at 15.00 GMT but we have CB talking heads Poloz and Yellen at 17.55 and 19.30 GMT to keep traders on their toes.
