It has been a fairly subdued session while waiting ion the US election results and most currencies re in line with previous levels. Of note though, Sterling remains underpinned after the UK Brexit Secretary Dominic Raab said “Thumbs Up” on his way out of a weekly cabinet meeting, prompting traders to hope for a positive outcome although at this stage there is no news of any progress.
Elsewhere, stocks are steady and the metals are slightly lower. The main mover has again been oil, where WTI fell by another 2%, to 61.30 before a recovery to currently sit at 62.00. Traders sold oil as details of import waivers granted to buyers of Iranian crude gave the impression that it could be business as usual for Iranian exports.
The results of the US election will begin to seep through during the Asian session and will decide the day’s direction, so until then we will all have to sit on our hands. Otherwise the economic calendar will be fairly empty today, while waiting on the FOMC Meeting, tomorrow.
The Australian AIG Performance of Construction Index is coming up shortly, as is the NZ Q3 Unemployment data, while later on it will be the EU Retail Sales that are in focus. The US calendar is empty although it is likely to be volatile as traders re-position following the election results. Have a good day.
Other Economic data highlights will include:
Wed: AIG Performance of Mfg Construction Index, NZ Q3 Unemployment, RBNZ Inflation Expectations, German Industrial Production, ECB Non-Mfg PMI, EU Retail Sales, EIA weekly crude oil stock change, US Consumer Credit Change
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