Daily FX Trading Update: No Deal from OPEC… For Now

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USD
The US dollar had a mixed performance across the board, although the currency was slightly supported by better than expected data. The flash services PMI climbed from 51.0 to 51.9, outpacing the estimate at 51.1, while the CB consumer confidence index improved from 101.8 to 104.1 instead of dropping to to projected 98.6 reading. For today, durable goods orders data are due, with analysts expecting to see a 1.0 drop in the headline figure and a 0.5% decline in the core reading. Fed head Yellen and FOMC member Bullard also have testimonies lined up.
EUR
The euro was mostly in recent trading sessions after Germany printed a sharper than expected fall in import prices. The report showed a 0.2% drop versus the estimated 0.1% dip, putting more pressure on domestic inflation. Germany’s GfK consumer climate index is due today and no change from the earlier 10.2 reading is eyed.
GBP
The pound managed to bounce against most of its counterparts as traders were likely booking profits from the currency’s slide earlier in the month. UK CBI realized sales was weaker than expected, as the index fell from +9 to -8 instead of just dipping to +8. There are no major reports lined up from the UK economy today.
CHF
The franc tried to hold steady to the dollar but weakened against most of its counterparts as risk appetite rebounded after the US presidential debates. The Swiss UBS consumption indicator is due today, along with the KOF economic barometer which could rise from 99.8 to 100.5.
JPY
The yen was off to a weak start but soon regained ground towards the latter sessions. There were no major reports out of Japan then and none are due today, which suggests that risk sentiment could be responsible for pushing the Japanese currency around.
Commodity Currencies (AUD, NZD, CAD)
The comdolls had a mixed performance, with the Aussie holding on to its gains on lower odds of an RBA cut and the Kiwi sliding lower on rate cut expectations. The Loonie had a volatile time after OPEC leaders suggested that they might not come up with an output deal just yet but noted that they’re moving closer to an agreement. US crude oil inventories are up for release next.
To contact the reporter of the story: Samuel Rae at samuel@forexminute.com
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Samuel Rae is an active retail trader across a variety of assets, including currencies, stocks and commodities and the author of Diary of a Currency Trader (Harriman House). His personal strategy focuses primarily on classical technical charting patterns with a fundamentally supportive bias, combined with a strict, risk management-driven approach to entries and exits. He is an Economics graduate from Manchester University, UK.