Today was another quiet economic release day, we started the London session with German Ifo data which came out better than expected and previous.
Then moving to NY session with CB Consumer confidence from US which came out negative than expected and previous.
Later on in Asia session we’ll have CPI q/q from AUD.
Sentimentally, equity markets were all down today while WTI broke and closed below $50 since Oct 5th.
Comments from BOE today basically stated that they do take consideration of the current low FX rate and this had contradicted to their September comment on further easing. This means that in the next BOE meeting, they might not ease further by cutting rate because the GBP has already lost too much value.
Similar comments from ECB that it would prefer not to have to keep rate at such low levels for an excessively long time.
These 2 comments have given positive sentiment for GBP & EURO.
The API today had showed a large built up in inventory to as high as 3 times of the estimate at 4.8 million instead of 1.7 million barrels. On top of that, OPEC members Iraq and Iran had once again casted doubt on the agreements as both countries are reluctant to really commit to oil output cut.
RBNZ has now stated that they will publish the expected cash rate in their monetary policy statement from now on for better transparency. The market is anticipated a rate cut to 1.75 for their next meeting on Nov 10th.
Steel and industrial commodities are on the rise which benefited the AUD.
BOC had also commented yesterday and basically now is in a wait and see mode until 2018.
Today was another quiet economic release day, we started the London session with German Ifo data which came out better than expected and previous.
Then moving to NY session with CB Consumer confidence from US which came out negative than expected and previous.
Later on in Asia session we’ll have CPI q/q from AUD.
Sentimentally, equity markets were all down today while WTI broke and closed below $50 since Oct 5th.
Comments from BOE today basically stated that they do take consideration of the current low FX rate and this had contradicted to their September comment on further easing. This means that in the next BOE meeting, they might not ease further by cutting rate because the GBP has already lost too much value.
Similar comments from ECB that it would prefer not to have to keep rate at such low levels for an excessively long time.
These 2 comments have given positive sentiment for GBP & EURO.
The API today had showed a large built up in inventory to as high as 3 times of the estimate at 4.8 million instead of 1.7 million barrels. On top of that, OPEC members Iraq and Iran had once again casted doubt on the agreements as both countries are reluctant to really commit to oil output cut.
RBNZ has now stated that they will publish the expected cash rate in their monetary policy statement from now on for better transparency. The market is anticipated a rate cut to 1.75 for their next meeting on Nov 10th.
Steel and industrial commodities are on the rise which benefited the AUD.
BOC had also commented yesterday and basically now is in a wait and see mode until 2018.