Kantox currency update: All eyes on Trump’s news conference
The main currency crosses have remained trading within tight ranges over the last sessions, with investors wary about Trump’s first news conference, and especially about his comments on international trade, China or his fiscal and economic measures, which are likely to boost market volatility.
EUR/USD: limited below 1.0630. The euro was unable to break above recent highs at 1.0630 area on its recovery from Monday’s lows at 1.0510. At London market opening times, the EUR/USD is trading at 1.0555.
GBP/USD attempting to set a bottom at 1.2100. Sterling’s reversal from last week highs above 1.2400 found support on Tuesday at 1.2110 and attempted to bounce up, although, the pair remains capped below 1.2200 so far. At London market opening times, the GBP/USD is trading at 1.2165.
USD/JPY support at 115.10. Dollar reversal from Monday’s high at 117.50 found support on Tuesday at 115.10 to pick up and regain 116.00 level on Thursday’s Asian session. At London market opening times, the USD/JPY is trading at 116.10.
In the Calendar Today
At 09:30 GMT National Statistics will release the UK Industrial and Manufacturing Production figures. Manufacturing output slumped unexpectedly in October, however, recent PMI figures have shown that the sector is in good shape, thus, we might see a rebound in November.
At 16:00 GMT investors will be attentive to Donald Trump’s news conference, and in particular to the details of its plans to boost U.S. economy, the relations with China and its trade policy. Watch out for spikes of dollar volatility.
09:30 GMT UK Manufacturing Production (MoM) (Nov)
Prev: -0.9% cons: 0.5
16:00 GMT U.S: Donald Trump’s news conference