Forexlive European FX News 6 Nov: All quiet as news awaited from the US on trade tariff front
The waiting game
- PM Johnson speaking with Trump about whisky and cars
- US MBA mortgage applications w.e. 1 November -0.1% vs 0.6% prior
- US Stock Index futures about flat
- What a difference a tweet makes...
- Iran's President Rouhani on Nuclear site Fordow
- Risk rally continues stall over US-China trade uncertainty
- Saudi's to push OPEC members for production cuts ahead of Aramco IPO
- JPY the strongest and GBP the weakest
- Eurozone October retail sales 0.1% vs 0.0% m/m expected
- EURUSD moves into near term pivot resistance on improved PMI's
- GBPUSD: Likely to remain bid on Conservative lead
- Eurozone October services PMI 52.2 vs 51.8 expected
- German October services PMI 51.6 vs 51.1 expected
- France October services PMI 52.9 vs 52.9 expected
- Italy October manufacturing PMI 52.2vs 51.4 expected
- Fiscal policy is key for euro upside
- China and France will push forward Airbus A350 completion and delivery centre
- European trade ideas thread - 06 November 2019
- Chart in focus: AUDNZD - diverging outlooks between the RBA and RBNZ
- South China Morning Post: President Xi's visit to Brazil too soon to sign deal
- China and France getting cosy
- Nikkei unofficially closes up +0.22%
- What's ahead for the morning session?
- Asian Indices relatively flat on phase 1 deal uncertainty
- Dax: +0.20%
- UK FTSE: +0.05%
- Euro Stoxx: +0.26%
- US OIL: +1.22%
The session can be described like a waiting sandwich, with waiting being the main theme! It was cautious at the European open and cautious at the end of the London morning session. What was in the middle you ask? A flurry of positive European PMI's that gave the EUR a gentle bid (but doesn't change the fundamental bearish EUR outlook).
The Asian indices handed over a cautious start to Europe as the market is waiting on the million dollar question, 'Will the US roll back the September tariffs?'
China wants the US to rollback September tariffs. The US has not confirmed they will or said they won't. The result has been the cautious trading we have had today. as the market waist for a fresh catalyst and is glued to Trump's twitter feed.
One outside mover was US oil that was bid on some news that Saudi is putting pressure on more production cuts ahead of the Aramco IP listing. Higher oil prices will certainly help that initial sale.
That's all for today folks, and back for my penultimate day tomorrow. Thanks for the good comments along the way and have an excellent afternoon session one and all.