GBP/EUR Holds 1.13 as Quiet Data Week Continues

GBP/EUR held above 1.13 and EUR/USD fell to a new low since July as the quiet calendar continues. The RBNZ is expected to keep rates on hold.

Previous Day's Market Highlights

A softer euro in the morning session saw euro-dollar hold below 1.1600 to hit its lowest levels since 20 July. Eurozone Retail Sales surprised to the upside in September, rising 0.7%, and August’s figures were revised higher. The euro later gained on reports that key ECB policymakers challenged the QE pledge at the October meeting.  
 
The New Zealand dollar had a muted reaction to 3.5% decline in the Global Dairy Trade Price Index, following a 1% decline at the previous auction.
 
The Canadian dollar remained softer against the pound around comments from BoC Governor Poloz, who expressed confidence that inflation would return to target over time but said that the Bank would be “cautious in making future adjustments to our policy rate”.
 
Fed Chair Yellen did not address monetary policy in her ethics award acceptance speech.

Currency Pairing 08:00 Today Vs 08:00 Yesterday Four-Week High Four-Week Low % Change
GBP / EUR 1.1334 1.1451 1.1069 3.34%
GBP / USD 1.3143 1.3339 1.3039 2.25%
EUR / USD 1.1596 1.1880 1.1553 2.75%
GBP/AUD 1.7153 1.7368 1.6675 3.99%
GBP / NZD 1.9016 1.9433 1.8367 5.49%
GBP / CAD 1.6777 1.7171 1.6362 4.71%

Today's Market Highlights

The economic calendar again is light today; attention this afternoon will primarily be on the commodity currencies. Canada releases housing data (13:15, 13:30 GMT) and traders will also keep an eye on US Crude Inventories (15:30 GMT). 
 
The Reserve Bank of New Zealand announces its latest interest rate decision this evening (20:00 GMT). The RBNZ is expected to keep interest rates on hold at 1.75%.

Today's Economic Calendar

Time Currency Release Consensus Previous
13:15 CAD Housing Starts s.a. YoY (Oct) 210.0K 217.1K
13:30 CAD Building Permits MoM (Sep) -0.2% -5.5%
15:30 USD EIA Crude Oil Inventories (3 Nov) -2.800M -2.435M
20:00 NZD RBNZ Interest Rate Decision 1.75% 1.75%
20:00 NZD RBNZ Rate Statement
20:00 NZD RBNZ Monetary Policy Statement
21:00 NZD RBNZ Press Conference
00:30 AUD Home Loans MoM (Sep) 2.0% 1.0%