US Market Wrap: Carney comments underpin Cable
- Nothing of note
- S&P/Case-Shiller Home Price Indices-August (Actual 5.1% vs. forecast 5.0%)
- Housing Price Index-August 0.7% vs. 0.5%)
- Consumer Confidence-October (Actual 98.6% vs 101.0)
- Richmond Fed Manufacturing Index (Actual -4 vs forecast -5)
- API Weekly Crude Stocks change (Actual 4.8 million/b vs. previous -3.8 m/b)
EURUSD was a prime example. The single currency started the day at 1.0880, dropped to 1.0850 and then soared to 1.0904 after weak Consumer Confidence data. It was back to where it started by the end of the day.
It opened at 1.2235 and slid ahead of the speech to a low of 1.2080. Cable then took off like a rabbit on a greyhound track when Carney hinted that further rate cuts may not be on the cards. GBPUSD spiked to 1.2205 and drifted lower into the close.
WTI opened at $50.87 and closed at $49.82. The API report of a build of 4.8 million barrels in US crude inventories after the close drove WTI down to $49.32
Opinion: Trading Floor Managing Editor, Martin O'Rourke gazes into a crystal ball about a Trump presidency in: US Election: 10 scenarios that could happen if Trump wins
-- Edited by Adam Courtenay