Forex news for NY trading on October 29, 2019.
- UK general election confirmed Thursday December 12
- Oil - heads up for the inventory data due around the bottom of the hour
- Major indices in the US close lower
- Amendment to change general election date Dec 9 rejected
- WTI crude oil futures settle at $55.54
- 10 of 21 expelled Tories have been readmitted to the party
- The provisional selection amendments: Age and EU citizens vote not selected for debate
- White House spokesperson: US/China working through final text of Phase 1
- Major European indices end the session with mixed results
- Corbyn says Labour backs a general election
- October Dallas Fed service sector index of general business activity outlook +1.8 vs +6.3 prior
- US pending home sales for September 1.5% versus 0.8% estimate
- US October Conference Board consumer confidence 125.9 vs 128.0 expected
- US August Case-Shiller 20 city house price index +2.03% y/y vs +2.1% expected
- SNB's Schlegel: Indicators show slowing Swiss activity
- Boris Johnson spokesman: A Dec 9 election is not logistically possible
- The AUD is the strongest and the EUR is the weakest as NA traders enter for the day
A snapshot of the various markets are showing:
- Spot gold tis down $3.47 or -0.23% at $1489. The high reached $1495.34. The low extended to $1483.60
- WTI crude oil futures fell $0.37 or -0.66% the $55.44. The high reached $55.91, while the low extended to $54.61
The S&P index could not print a 2nd consecutive all-time high close price today. That index fell marginally. The NASDAQ index was the biggest decline are on the day falling by -0.59%. It closed near the session lows for the day.
Below are the percentage high, low, and close for the major North American and European stock indices.
In the UK, the stage is set for a general election on December 12 after amendments including age of voters, EU citizen votes and a December 9 election date (instead of December 12) were rejected for vote , or failed.
So the stage is set for the general election that will either set the dtage for a PM Johnson mandate, a surprise Labour leadership change, or another hung parliament. The last option would certainly mire the UK back in the Brexit quagmire.
As a result of the uncertainty, the GBPUSD which was bid up earlier in the day - and saw the price move above the 200 day MA in the process, thought better of getting too excited and backed off. The high for the day reached 1.2904 but by the end of the day, the price has moved back down to 1.2855.
The USDCAD, ahead of the Bank of Canada (no change expected) and the Federal Reserve decision (cut of 25 basis points) of course squeezed some shorts on the eve of the decisions. The price of the pair moved above the 100 and 200 hour MAs for the first time since October 10th (the NY session saw the pair move from 1.3042 to a high of 1.3100 before backing off to 1.3088 at the close).
The EURUSD followed the GBPUSD general direction but at a slower pace. It moved above the 100 hour MA at 1.1103 but could not make it to the 200 hour MA at 1.11206 nor the 100 day MA near the same level. The last 7 hours of the NY session was mired in that 17 or so pip range.
For the day, the AUD was the strongest of the majors and the CAD was the weakest. The USD saw the EUR, GBP, JPY, CHF and NZD all change less than 0.1% on the day. The only big movers were the USDCAD (0.25% higher USD) and the AUD (-0.37% lower for the greeenback).
