Forex news from the European session 13 Nov

News:

  • BOE's Haldane says they don't move automatically in response to policy changes elsewhere
  • ECB is front-loading asset purchases before December
  • France's Sapin says a rise in investment to help growth pick-up in 2016
  • ECB's Nowotny says need for fiscal stimulus in Eastern Europe may emerge
  • S&P say there's "a good chance" that Eurozone ratings will not return to pre-crisis levels
  • BOJ has asked MOF to ease fluctuation of profits from QQE
  • China Shanghai and Shenzen stock exchanges to increase margins for trading
  • IEA says global oil demand growth is expected to slow to 1.2mln bpd
  • How safe is your job? BOE's Haldane says 15mln UK and 80mln US jobs under threat due to automation
  • Is Eurozone growth enough to keep the extra QE wolf from the door?
  • BOE Open Forum failed to really deliver: More from guest economist John Hearn
  • Option expiries 10am NY cut today 13 Nov

Data:

  • Q3 2015 Eurozone GDP flash 0.3% vs 0.4% exp q/q
  • Germany Q3 GDP provisional qq +0.3% as exp
  • France Q3 GDP provisional qq +0.3% as exp
  • Italy Q3 GDP provisional WDA qq +0.2% vs +0.3% exp
  • September 2015 UK construction output -0.2% vs -0.3% exp m/m
  • October 2015 Italian HICP 0.3% vs 0.3% exp y/y
  • September 2015 Eurozone trade balance 20.5bn vs 18.2bn exp NSA
  • Spain core CPI Oct mm +0.9% vs +0.9% exp
  • France Q3 NFPs provisional qq +0.1% as exp
  • Swiss producer and import prices Oct mm +0.2% vs -0.2% exp
  • Greek Q3 GDP advance qq -0.5% vs -1.0% exp
  • Nikkei 225 closes down -0.51% at 19,596.91

It's been a data dominated morning that has seen the euro come under renewed pressure as ECB action next month looks ever more likely

It is however making a comeback as I type as European equities turn to negative again

A stream of less than impressive data saw EURUSD on a steady path down to 1.0753 from 1.0780 but good demand down there held and is now testing 1.0800 again. EURGBP slid to 0.7062 from 0.7090 only also to return from whence it came with EURJPY staging as similar U-turn to 132.25 from 131.96

The early EURGBP selling put a bid under cable which had a run up to 1.5226 after holding 1.5200 and has held onto those gains as EURUSD rallies

USDJPY made its way from 122.60 to test offers/res at 122.80 only to slide back to test 122.50 support again with EURJPY and EURUSD casting the biggest influence

USDCAD has drifted to 1.3270 from 1.3310 on firmer oil price with large option expiries rolling off at 1.330 that I highlighted yesterday

AUDUSD has had the morning off between 0.7125-45 while NZDUSD similarly has been keeping a low profile, both caught up in EUR pair flow

US retail sales out at 13.30 GMT is the next risk event and traders will be keen to make the most of any misses