Forex news for the European morning trading session 23 Oct 2017
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News:
- Trump to make his decision on next US Fed chair "very shortly"
- Japan's Abe says he got a better result than targeted
- Catalan officials will not follow the orders of Madrid but the will of the people
- UK businesses lobby government to say time is running out for Brexit deal
- BUBA says Germany's strong momentum has held up in Q3
- Moody's say Australian banking system outlook stable
- Forex option contract expiries for today 23 Oct
- More notable option expiries coming up this week
- Trading ideas for the European session
- Nikkei 225 closes up 1.11% at 21,696.65
- ForexLive Asia FX news wrap: Abe landslide, yen lower
- ICYMI: Yellen says future economic downturns likely to require further use of unconventional policy
Data:
- UK CBI Oct industrial trends orders -2 vs 9 exp
- China Sept trade balance revised up to USD +28.61bln vs +28.47bln prelim
- Japan Sept nationwide department store sales yy 4.4% vs 2.0% prev
- Japan August leading index CI final 107.2 vs 106.8 exp
It's been a steady start to the week but one that's provided a few opportunities nonetheless in the wake of Abe's election win, on-going Catalonia issues and Yellen's speech late on Friday.
We began with USDJPY in retreat at 113.70 after 114.11 Asian highs but support/demand from the 113.50-60 spike-origin area was enough to see a rally back to 113.97 only to run into more sell interest building at 114.00 that I had warned of in the order board.
EURUSD meanwhile was sliding down through support/demand around 1.1750 to post lows of 1.1735 so far from 1.1775 highs with option expiries at 1.1730 expected to provide some support.
EURGBP has slipped to test 0.8900 again which has continued to underpin GBPUSD but has not stopped it chewing lower to 1.3165 from 1.3227 after once again running into rally sellers and with a soggy CBI report not helping.
USDCHF and EURCHF have both remained underpinned but still finding rally sellers around 0.9880 and 1.1600-10.
USDCAD has been flat-lined between 1.2620-30 after Friday's rapid rally.
AUDUSD had a little run higher to look at 0.7830 again but failed at 0.7835 and been back down to where it started at 0.7820 with NZDUSD up to 0.6990 from 0.66955 then also back to where it started.
Gold flat-lined around $1275 while oil has traded tightly up n down with WTI in a $51.80-52.20 range. Equities have mostly traded in positive territory with the exception being the IBEX which fell 0.5% in early trading.
Little on the data front but there's enough geo-political news to keep things ticking over not to mention the announcement by Trump of the new US Fed chair.
