ForexLive European FX news wrap: Pound eases slightly on poll showing closer election race
Forex news from the European morning session - 26 November 2019
- RBA's Lowe: A long way from QE scenario happening
- RBA's Lowe: 0.25% is the effective lower bound for rates
- RBA's Lowe: Australia unlikely to get to the point where it needs QE
- UK election: Conservatives 43% (-2), Labour 32% (+5) - Kantar poll
- Germany December GfK consumer confidence 9.7 vs 9.6 expected
- China top diplomat says strongly condemns US bill on HK human rights
- ECB's Villeroy: Low rates will continue to support the economy
- GBP lags on the day
- European equities mildly lower; E-minis flat
- US 10-year yields down 0.5 bps to 1.75%
- Gold up 0.2% to $1,457.80
- WTI up 0.2% to $58.13
- Bitcoin down 1.7% to $7,094
Markets kept steady for the most part as the lack of US-China trade headlines left a bit of a void to fill in European morning trade.
After reverting from a bit of positivity in Asia Pacific trading, markets were kept quiet for basically the entire session as narrow ranges prevailed throughout.
US futures and bond yields didn't really do much and that kept USD/JPY trapped between 108.90 and 109.00 during the session.
The dollar held steady as well with EUR/USD seen in just a 14 pips range with little change observed elsewhere too.
The pound was the only notable mover as cable eased from 1.2895 to 1.2880 before another poll showed a narrowing lead for the Conservatives. That saw cable fall further to 1.2851 before finding some support to trade near 1.2870 currently.
The aussie also got a mild boost from remarks by RBA Lowe on QE but gains were fleeting. AUD/USD rose from 0.6780 to 0.6795 before encountering near-term resistance and backing off to flat levels on the day now.
Looking ahead, it's still all about the US-China trade rhetoric so unless we hear of anything more concrete about progress towards a deal, markets may yet be left in a bit of limbo as we move closer towards the Thanksgiving holiday.