Daily Forex Fundamental Analysis – Nov 8, 2017

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USD
The US dollar took some hits during the New York session when rumors swirled that Senate would impose a one-year delay before implementing tax cuts. Medium-tier reports such as consumer credit and JOLTS job openings data turned out stronger than expected. There are no major reports lined up from the US today so the focus could remain on tax reform.
EUR
The euro had a mixed run as reports also came in mixed. German industrial production sank 1.6% versus the estimated 0.7% drop while the region’s retail sales report printed a stronger than expected 0.7% gain. Only the French trade balance is lined up from the euro zone today.
GBP
The pound struggled to hold on to most of its gains as medium-tier reports barely provided support. The UK BRC retail sales monitor fell by 1.0% versus the earlier 1.9% gain while the Halifax HPI posted a stronger than expected 0.3% increase. There are no major reports due from the UK today.
CHF
The franc rallied upon seeing a small gain in SNB foreign currency reserves that wasn’t enough to spook intervention fears. The reading climbed from 724B CHF to 742B CHF. There are no reports due from the Swiss economy today so the franc could take its cue from market sentiment and counter currency action.
JPY
The yen was able to gain a bit of ground when the dollar weakened in the latter trading sessions. It also helped that Japan’s average cash earnings figure came in stronger than expected at 0.9% versus 0.6%. Only the Japanese leading indicators is due today and a small dip is eyed.
Commodity Currencies (AUD, NZD, CAD)
The Loonie had an active trading session but was able to end positive as Poloz did not sound too dovish in his testimony. While he warned of weak wage growth due to slack in the labor market, he also expressed openness to the idea of seeing inflation overshoot their target. Meanwhile, the Kiwi dipped upon seeing another drop in dairy prices during the GDT auction. The RBNZ decision is due next.
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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.