Forex news for US trading on Nov 9, 2015:

  • ECB looking at deposit rate cut for their move in Dec
  • Fed's Rosengren: Dec liftoff appropriate unless economy slows
  • Fed's Evans: Wants FOMC to signal gradual path of hikes post-liftoff
  • Saudi Arabia puts 1-2 year timeline on oil strategy
  • Consumers see lower incomes in New York Fed survey
  • Kuwait minister says oil prices may remain low for long period, crude lower
  • ECB bought €12.929bn PSP in latest QE count
  • Harsh words for OPEC from Oman's oil minister
  • Canadian Oct housing starts 198.1K vs 231.6K prior
  • EU's Moscovici says "not completely there" on Greek aid release
  • Spain's Rajoy will take Catalan independence vote to constitutional court
  • S&P 500 down 21 points to 2079
  • US 10-year yields up 2.5 bps to 2.35%
  • Gold up $2 to $1091
  • WTI crude down 28-cents to $44.01
  • GBP leads, USD lags

The theme in US trading was slight dollar selling as it retraced a small part of its gain on Friday. Overall, the moves were modest in comparison to the massive US dollar buying after non-farm payrolls.

EUR/USD came into the session at 1.0782 in a modest retracement but the ECB story from Reuters led to some selling down to 1.0726. But over time it gradually retraced the entire move before sliding down to 1.0754. The story talked about the potential for a larger deposit rate cut but also made it sound as if more QE will be difficult so it's not a slam dunk either way for the euro.

Cable did a better job of taking advantage of USD weakness and was the top performer. It was a slow move that included a 30 pip dip lower in the early going before fresh session highs as Europe wound down.

USD/JPY was under pressure alongside US stocks. The declines came despite higher Treasury yields. The pair was near 123.50 at the start of US trading on modest buying since the Asian open but it slide down to 123.00 before a late drift to 123.15.

USD/CAD was in the 1.3250 to 1.3300 range. Early gains in oil weighed but the pair climbed back to 1.3300 as oil declined. We finish in the middle of the range.

AUD/USD started at 0.7070 and slipped to 0.7050 in a rather slow grind. It was that kind of day.