Forex news from the European morning session - 27 November 2019
Headlines:
- Ursula von der Leyen officially confirmed as next European Commission president
- ECB's Lane: ECB cares equally about too low or too high inflation
- Switzerland November Credit Suisse investor sentiment -3.9 vs -30.5 prior
- Germany October import price index -0.1% vs -0.1% m/m expected
- BOJ's Sakurai says that need to prepare to ease if there is a recession
Markets:
- GBP leads, EUR lags on the day
- European equities mildly higher; E-minis up 0.1%
- US 10-year yields flat at 1.744%
- Gold down 0.2% at $1,458.70
- WTI up 0.3% to $58.58
- Bitcoin up 1.3% to $7,212
It was a largely more quiet session as traders and investors keep calm and brace themselves for a barrage of US data that is to follow in the coming hours.
The dollar held steady for the most part as it tracks mild gains against the rest of the major currencies bloc so far today.
EUR/USD continues to hug a narrow range between 1.1003-15 for the better part of the European morning with USD/JPY similarly around 109.10-20.
The pound was once again the notable mover as it weakened in early trades with cable slipping to 1.2827 before buyers stepped back in to drive price towards 1.2880-90.
The indecision surrounding voting intentions is continuing to make for choppy trading this week but perhaps things will settle after an important poll release at 2200 GMT.
The aussie was dragged lower earlier in the day by Westpac calling for two more RBA rate cuts next year with QE to follow, but has since recovered. AUD/USD moved up from 0.6772 to 0.6780 levels seen currently.
Looking ahead, there's a mix of everything at play right before the Thanksgiving holiday with US data to set the tone early one before we could see more US-China trade headlines and later in the day we will have the YouGov MRP poll for the UK.
