Forex trading news and economic data headlines 28 October 2016
- Pound under pressure as Northern Ireland high court passes judgement on Brexit
- Month-end EURGBP demand adding to the pound's woes
- ECB's Coeure says he can't say how long is too long for low rates
- ECB's Coeure says monetary policy support to remain until inflation adjusts to target
- Japan's Aso says another delay in tax hike can not be ruled out
- BOJ's Kuroda says private consumption likely to gradually increase
- Not long to go! Here are 5 things to watch in the US Q3 GDP Report
- RBA to keep interest rates on hold next week - Reuters poll
- Option expiries for the 10 am NY cut today 28 Oct
- Eurozone economic confidence Oct 106.3 vs 104.9 exp
- Baden Wuerttemberg CPI Oct mm +0.2% vs +0.3% prev
- North Rhine Westphalia CPI Oct mm +0.3% vs +0.1% prev
- Brandenburg CPI Oct mm +0.2% vs +0.4%prev
- Saxony CPI Oct mm +0.3% vs +0.1% prev
- France Q3 GDP qq flash +0.2% vs +0.3% exp
- France CPI Oct flash mm -0.2% yy +0.4%
- Spain CPI Oct flash mm +1.1% vs +0.8% exp
- BOJ core CPI Sept +0.2% vs +0.3% expected
It was a quiet end to the week but then the pound got another slap lower after the N. Ireland High Court rejected the argument that NI govt should pass legislative consent b4 Article 50 triggered.
Cue GBPUSD down to 1.2122 from 1.2178 and EURGBP to 0.8993 from 0.8960. Month-end BUBA buying adding to the moves. GBP pairs tried to rally but cable failed around 1.2150 and EURGBP couldn't hold below 0.8980 fuelling the BUBA buying belief.
Elsewhere the euro has enjoyed a good morning helped by the cross demand in EURGBP and EURJPY with USDJPY remaining underpinned.
USDCAD failed to break 1.3400 again but remains supported below 1.3370 while AUD and NZD also finding dip-demand.
US Q3 GDP first reading is the data highlight at 12.30 GMT but before that we have German CPI at the top of the hour.
