Forex news for US trading on Sept 29, 2015:
- September 2015 US consumer confidence 103.0 vs 96.1 exp
- Economists cut US GDP estimates cut after soft trade data
- September 2015 German HICP flash -0.2% vs 0.0% exp y/y
- Abe says willing to do whatever it takes to put economy on track
- Abe says it's time for Abenomics 2.0
- Case Shiller US 20 city house price index -0.2% m/m vs +0.1% m/m expected
- Canada August industrial product price -0.3% m/m vs -0.5% expected
- ECB to get a new member as Villeroy nears Bank of France approval
- Bank of England Governor Carney talks climate policy, not monetary policy
- Goldmans lowers year-end forecast for the S&P
- S&P 500 up 2 points to 1884
- US 10-year yields down 4 bps to 2.06%
- Gold down $4 to $1128
- WTI crude up $0.81 to $45.25
- JPY and NZD lead, CAD lags
Markets were on edge after the stock market swoon yesterday but expectations for more of the same were dashed, or more accurately, the were starved as the market tried to make a few moves but ultimately finished very close to where it started the day.
Make it eight consecutive days of declines for cable. There wasn't a big catalyst but that's the same story since the decline began.
EUR/USD hit a session low slightly below 1.1200 after German HICP numbers showed weak inflation. Spanish data earlier painted the same picture. Both bring the ECB back into the picture. But with quarter-end here it's all about flows and the euro erased the declines to finish up slightly at 1.1255.
USD/JPY battled to get below 119.61 all day but when it finally did break the US low there was only modest follow through down to 119.51 and then it rebounded to 119.76 as stocks recovered to finish a tad higher.
USD/CAD touched a fresh 11-year high at 1.3457 despite a 1.8% rally in WTI crude. Oil is coming off late on a reported API inventory build and that's another reason to buy USD/CAD.
ADP employment data is due tomorrow along with the Chicago PMI.
