Forex today: dollar climbing back after a negative day in Europe

Forex today in the NY session had the dollar climbing back after a negative day in the European shift, rising 0.46% to back to 94.09 from 93.66 the open and having made a high of 94.10. 

US 10 year rates ranged between 2.3222 - 2.3701%, +0.99% on the day.  The latest Bloomberg survey of economists showed the consensus for the US 10- year yield at the end of this year is 2.43%, rising to 2.59% at the end of Q1 next year and steadily upward to 3.4% at the end of 2020. There was not a lot to go on in terms of data for the Fx space in the US session and the focus remained with the political uncertainty in Germany and a dovish rhetoric from ECB's president Draghi who reiterated that the EZ's  inflation is still a good way off from satisfactory levels. 

The euro ranged from 1.1722 - 1.1812 on Monday after taking a (short- lived) hit n Asia on news that coalition talks had collapsed when the FRD democrats walked out on talks. The weight comes as the odds of another election have risen. In fact, Merkel said that she would prefer such an outcome as opposed to trying to form a minority government. The euro closed down -0.47%. Sterling was higher by +0.14% and traded between a range of 1.3186 - 1.3279. USD/JPY was higher 0.48% and traded within a range of 111.89 - 112.72 while the antipodeans ended lower with the Aussie down 0.19% and Kiwi flat in a non-eventful session. 

 Key events in Asia 

RBA minutes.

Key notes:

  • Russia's Novak: Russian position on possible extension of output deal will be determined in November
  • WTI edges lower toward $56 handle, down more than 1% on the day
  • Wall Street ends choppy session with modest gains

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