FX News Today
The U.S. markets are closed today, and the U.S., calendar is empty until next week.
Speculation of further easing from the ECB next week should keep pressure on the EUR, the EUR is down against Yen and USD. The European calendar today focuses on Eurozone M3 numbers.
Stock markets continue to recover, as gains in commodity producers and carmakers drive European stocks up.
Base metal prices are higher today, in the wake of a Bloomberg report highlighting that China may investigate “malicious” short selling of iron ore at local metal exchanges. Copper prices had been trading at six-year lows earlier in the week. Oil prices are showing a decline currently, reversing some of rally seen over the previous three days.
BoE governor Carney, said that the low interest rate environment is likely to remain for some time. The GBPUSD now trades below 1.5100, and near the lowest point seen in the last 17 days.
Main Macro Events Today
• EUR M3 Money Supply: Eurozone M3 money supply growth accelerated to 5.3% y/y in October, from 4.9% y/y in the previous month. Expectations had been for a steady annual rate, so the data were higher than expected. Loan growth meanwhile accelerated with household loans rising 1.2%, vs 1.1% in the previous month, and business loans up 0.6%, versus 0.1% in September. Strong data.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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