Forex news for the European morning trading session 19 Oct 2017
Featured article: Interpreting the Market with Chart Indicators
News:
- Peters says First Party will back Labour to create New Zealand government
- New Zealand's Ardern: Honour and privilege to form next NZ government
- Puigdemont says suspension of Catalan independence still in place
- Catalan leader Puigdemont tells Rajoy he's ready for independence
- Spain to proceed with Article 155 of constitution as Puigdemont fails to clarify position on independence
- Spanish government will move to trigger Article 155 on Saturday
- Nowotny says ECB can not stop asset purchases abruptly
- PBOC's Zhou says he will retire "soon"
- More from PBOC Gov Zhou: Will fend off risks from drastic adjustments of asset bubbles
- OPEC's Barkindo says no doubt oil market is rebalancing at accelerating pace
- ONS will introduce monthly GDP publishing model in July 2018
- Happy Diwali again to all
- Forex option contract expiries for today 19 Oct
- Brexit & the EU Council meeting - HSBC says "Things are not looking good for the UK"
- Germany's DHK raises 2017 GDP forecast to 2.0% vs 1.8% prev
- China commercial bank net Sept purchases USD 0.3bln vs net sell of 3.8bln prev
- Trading ideas for the European session
- Moody's on Japan: Expects robust level of demand to continue and 2017 GDP +1.5%
- Still more responses to the strong Australian jobs report coming through
- ForexLive Asia FX news wrap: Strong data from Australia and China
Data:
- UK Sept retail sales mm -0.8% vs -0.1% exp
- Switzerland Sept trade balance CHF +2.92bln vs 2.2bln prev
- Japan Sept machine tool orders final 45.0% vs 45.3% exp
- Japan Aug all industry activity index mm 0.1% vs 0.2% exp
Another wild n wacky session in the wonderfully fickle world of forex.
New Zealand got a new PM as First Party leader Peters sides with Labour/Greens and we saw NZD tumble in the process. NZDUSD has been down to 0.7020 from 0.7130 and AUDNZD up to 1.1200 from 110.00
Meanwhile in Spain the govt got no change out of Catalonia's Puigdemont and have announced they will invoke Article 155 to impose direct control. EURUSD at first proved resilient to the expectations but as equities witnessed a decent wobble we saw safe-haven plays being triggered across the board.
Cue USDJPY down to 112.44 from 113.15 sending EURJPY down to 132.46 and EURUSD down to 1.1768. Early euro demand had seen EURGBP up to test 0.8950 and capping cable around 1.3215 pushing it down to 1.3175. Cue awful UK retail sales data and with GBPJPY selling also in play we had a test of 1.3120-30 support before all core pairs found dip demand to recover some poise.
AUDUSD found some support from the AUDNZD demand as well as decent data and gold rally but we've ranged 0.7845-75 while USDCAD has also been caught up in cross play cross fire to trade 1.2440-80
Oil tumbled too as well as equities as the ghosts of 1987's Black Monday came back to haunt but that safe-haven sentiment has seen gold up to $1288 from $1278
Weekly US jobs and latest Philly Fed data to come as well as Fed's George but there's a whole lot more going on out there right now.
