Forex news for the European morning trading session 9 Oct 2017
News:
- UK PM May to update parliament on Brexit talks today
- EU says "ball is entirely in UK's court" for Brexit talks
- ONS revises UK Q2 labour unit costs to 2.4% from 1.6% yy
- ECB's Mersch says QE led to material improvement in credit conditions
- More from Mersch: "Some disappointment" in recent inflation data
- Forex option contract expiries for today 9 Oct
- China forex reserves end-Sept USD 3.1085trln vs 3.1trln exp
- China's SAFE says fx reserves rise due to asset price rally and USD drop
- Australia Sept foreign reserves AUD 74.9bln v 76.3bln prev
- PBOC Sept SLF operations totalled 68.8bln yuan
- Trading ideas for the European session
- ForexLive Asia FX news wrap: Gold the big mover
Data:
- Germany industrial production mm SA 2.6% vs 0.9% exp
- Eurozone Oct Sentix investor confidence 29.7 vs 28.5 exp
- Bank of France Sept industrial sentiment 104 vs 105 exp
A steady start to the week that's seen the pound recover some poise after last week's fall.
Here's your p/a summary;
- GBPUSD early rally from 1.3097 to 1.3107 then 1.3129 only to hold before eventually breaking higher to test 1.3150
- EURGBP dropped from 0.8960 to post 0.8934 before then bouncing a couple of times only to end back in retreat with 0.8920 targeted
- EURUSD has large option expiries helping to keep range contained 1.1720-50.EURJPY and EURCHF demand off-setting EURGBP supply
- USDJPY has largely been flat-lined around 112.60 by the cross plays impact
- AUDUSD fell from 0.7770 but has found support at 0.7750
- USDCAD tightly bound between 1.2530-50
- NZDUSD demand around 0.7070 to post 0.7085 in a quiet session. Uncertainty since NZ election still prevailing.
- Gold tight range $1280-85
- Oil lower with WTI down to $49.40 from $49.80
Nothing of note on the data front to come. Canada on hols for Thanksgiving and markets closed. US has Columbus Day holiday but most markets open.
UK PM May updating parliament on Brexit around 14.30 GMT