Forex Today: EUR bounces on ECB QE news, All eyes on US CPI, Fedspeaks

Forex today paid little attention to the macro events, as the sentiment was mainly driven by broad USD weakness, triggered by a rebound staged by the EUR/USD pair. The Euro jumped across the board on reports of the ECB considering cuts on the QE purchases from January next year. Meanwhile, the Antipodeans stuck to gains, despite dovish RBA Financial Stability (FSR) report and downbeat Chinese Sept trade data. The Yen too defended a minor bid against its American counterpart amid a lack of fresh catalysts.

Main topics in Asia

RBA Financial Stability Review: Higher interest rates could hurt heavily-indebted households

In its 60-page Financial Stability Review (FSR), the Reserve Bank of Australia (RBA) warns that interest rate hikes could hurt the heavily-indebted households. 

Trump plans to scrap critical Obamacare subsidy

Politico report says US President Donald Trump is planning to cut off critical subsidy payments to insurers selling Obamacare coverage.

ECB said to be considering cutting QE to 30bn a month from January 2018

Bloomberg quoted the officials familiar with the debate on the ECB’s QE programme, citing that the ECB is said to be considering cutting QE to 30bn a month from January 2018.

ECB policymakers are in consensus to extend QE at lower volumes - RTRS

Reuters out with more details from the sources familiar with the ECB QE taper discussions…

Fed’s Bostic: Not sure if Fed will hike in December – BBG TV

Atlanta Federal Reserve (Fed) President Bostic is out on the wires now, speaking with Bloomberg TV.

China’s Sept trade data (Yuan terms): A big miss on expectations

China's trade balance for Sept, in Yuan terms, came in at CNY+193.00 bn vs +266.05 bn expected and +286.50 bn last.

Key Focus ahead

The run of quiet EUR calendar extends into the final trading day of the week, with the second-tier macro news in the German final CPI and Swiss PPI slated for release. Hence, all eyes remain on the US docket, with the critical CPI and retail sales data on the cards, followed by prelim UoM consumer sentiment and Fedspeaks. FOMC members Evans and Kaplan could shed more light on the US interest rates outlook later tonight.

EUR/USD headed back to 1.1880 on ECB taper talks, US CPI - Key

The EUR/USD pair staged a minor comeback from near 1.1825 region in Asia, as the bulls found some support from the latest chatter over the ECB QE taper, as reported by Bloomberg.

GBP/USD - Bullish outside day candle validates rally, but Vols remain high

GBP/USD rallied to a high of 1.3291 on Thursday after reports hit the wires that the EU is ready to do its bit in helping the UK avoid 'Hard Brexit'.

US: Key events ahead - Barclays

Barclays’ Analysts offer a brief preview of the key US macro events due on the cards later in the NA session today.

Last Chance for the Dollar to Rally

Better than expected U.S. data failed to help the dollar on Thursday leaving tomorrow's retail sales and consumer price reports as the last chance for a rally in the greenback this week. 

GMT
Event
Vol.
Actual
Consensus
Previous
Friday, Oct 13
00:00
6.3%
3.2%
2.4% Revised from 2.2%
24h
 
 
00:30
 
 
02:00
193.0B
 
286.5B
02:00
18.7%
13.5%
13.5% Revised from 13.3%
02:00
9.0%
 
6.9%
02:00
$28.47B
$39.50B
$41.99B
02:00
19.5%
 
14.4%
02:00
8.1%
8.8%
5.6% Revised from 5.5%
04:30
5.6%
 
2.9%
06:00
 
1.8%
1.8%
06:00
 
0.1%
0.1%
06:00
 
1.8%
1.8%
06:00
 
0%
0%
06:00
 
 
3.1%
06:00
 
 
€0.2B
06:00
 
 
0.7%
07:00
 
1.6%
1.5%
07:00
 
0.1%
0.1%
07:00
 
2.3%
2.2%
07:00
 
0.1%
0.0%
07:15
 
0.3%
0.3%
07:15
 
0.6%
0.6%
08:00
 
1.3%
1.3%
08:00
 
1.8%
1.8%
08:00
 
-0.3%
-0.3%
08:00
 
1.1%
1.1%
11:00
 
$11.35B
$11.64B
11:30
 
 
6.8%
11:30
 
 
$399.66B
12:00
 
0.9%
0.7%
12:00
 
 
-0.7%
12:30
 
0.3%
0.2%
12:30
 
1.7%
-0.2%
12:30
 
0.4%
-0.2%
12:30
 
0.2%
0.2%
12:30
 
2.3%
1.9%
12:30
 
1.8%
1.7%
12:30
 
253.01
252.54
12:30
 
0.6%
0.4%
12:30
 
246.938
245.520
12:30
 
 
14:00
 
95.0
95.1
14:00
 
0.7%
0.2%
14:15
 
 
14:25
 
 
15:30
 
 
17:00
 
 
17:00
 
 
740
19:30
 
 
$203.9K
19:30
 
 
444.3K
19:30
 
 
$101.5K
19:30
 
 
6.2%
19:30
 
 
£19.9K
19:30
 
 
¥-84.6K
19:30
 
 
€90.8K
19:30
 
 
$71.8K
Saturday, Oct 14
24h
 
 
02:00
 
8.9%
8.9%
02:00
 
1,100B
1,090B
02:00
 
 
-0.2%
02:00
 
 
$13.8B
Sunday, Oct 15
24h
 
 
13:00
 
 
23:01
 
 
1.1%
23:01
 
 
-1.2%
Monday, Oct 16
24h
 
 
01:30
 
6.3%
6.3%
01:30
 
0.4%
0.4%
01:30
 
1.6%
1.8%
n/a
 
 
$1.72B
04:00
 
 
8.89%
04:00
 
 
19.24%
04:30
 
 
5.4%
04:30
 
 
2.1%
04:30
 
 
-1.8%
n/a
 
 
3.24%
06:00
 
 
12.4B
n/a
 
 
10.2%
07:00
 
 
0.2%
07:00
 
 
1.4%
n/a
 
 
-0.87B
08:00
 
 
08:00
 
 
-27.39B
n/a
 
 
1.161%
n/a
 
 
10:00
 
 
€23.2B
10:00
 
 
€18.6B
12:00
 
 
€-878M
n/a
 
 
6.5%
12:30
 
20.75
24.40
12:30
 
 
$23.95B
12:30
 
 
$-1.83B
13:00
 
 
1.5%
14:30
 
 
n/a
 
 
n/a
 
 
9%
21:45
 
 
0%
21:45
 
 
1.7%
Tuesday, Oct 17
00:30
 
 
-0.1%
00:30
 
 
0%
00:30
 
 
1.7%
00:30
 
 
06:00
 
 
3.2%
06:00
 
 
0.3%
07:00
 
 
0%
07:00
 
 
2.1%
07:00
 
 
0%
07:00
 
 
1.6%
08:00
 
 
€2.028B
08:00
 
 
€6.56B
08:30
 
 
3.9%
08:30
 
 
0.7%
08:30
 
 
5.1%
08:30
 
 
0.4%
08:30
 
 
0.2%
08:30
 
 
3.4%
08:30
 
 
7.6%
08:30
 
 
2.5%
08:30
 
 
1.6%
08:30
 
 
2.9%
08:30
 
 
2.7%
08:30
 
 
0.6%
09:00
 
 
87.9
09:00
 
 
17
09:00
 
 
31.7
n/a
 
 
-0.368%
n/a
 
 
-0.485%
10:00
 
1.5%
1.5%
10:00
 
 
0.3%
10:00
 
0.4%
0.3%
10:00
 
 
1.1%
n/a
 
 
6.6%
12:30
 
 
2.3%
12:30
 
0.5%
0.6%
12:30
 
 
2.1%
12:30
 
0.5%
0.6%
12:55
 
 
-1.5%
12:55
 
 
3.2%
13:15
 
0.3%
-0.9%
13:15
 
76.2%
76.1%
14:00
 
 
64
n/a
 
 
-2.4%
20:00
 
 
$1.3B
20:00
 
 
$-7.3B
20:30
 
 
3.097M
23:00
 
 
3.8%
Wednesday, Oct 18
24h
 
 
03:00
 
 
6.7%
06:00
 
 
08:00
 
 
4.8%
08:00
 
 
0.1%
08:30
 
 
2.1%
08:30
 
 
2.1%
08:30
 
 
4.3%
08:30
 
 
-2.8K
08:30
 
 
2.3%
09:00
 
 
3.4%
09:00
 
 
0.2%
n/a
 
 
n/a
 
 
€-0.633B
11:00
 
 
-2.1%
12:00
 
 
7.6%
12:00
 
 
8.8%
12:00
 
 
3%
12:30
 
 
-0.8%
12:30
 
 
5.7%
12:30
 
1.175M
1.180M
12:30
 
1.255M
1.300M
12:30
 
 
-2.6%
n/a
 
 
1.5%
n/a
 
 
4.7%
14:30
 
 
-2.747M
15:00
 
 
$-520.1M
18:00
 
 
23:50
 
 
18.1%
23:50
 
 
¥367.3B
23:50
 
 
15.2%
23:50
 
 
¥112.6B Revised from ¥113.6B
23:50
 
 
¥1,235.3B
23:50
 
 
¥89.2B
Thursday, Oct 19
24h
 
 
24h
 
 
00:30
 
 
54.2K
00:30
 
 
40.1K
00:30
 
 
14.1K
00:30
 
 
5.6%
00:30
 
 
65.3%
01:00
 
 
1.25%
02:00
 
10.2%
10.1%
02:00
 
6.2%
6.0%
02:00
 
 
02:00
 
7.8%
7.8%
02:00
 
 
6.9%
02:00
 
 
1.7%
04:00
 
 
5%
04:30
 
 
-0.1%
04:30
 
 
4.7%
06:00
 
 
2,173M
06:00
 
 
16,667M
06:00
 
 
14,494M
07:00
 
 
13.1%
07:30
 
 
6%
08:30
 
 
1%
08:30
 
 
2.8%
08:30
 
 
1%
08:30
 
 
2.4%
n/a
 
 
3.1%
12:30
 
 
243K
12:30
 
 
1.889M
12:30
 
20.0
23.8
13:00
 
 
3
n/a
 
 
$423.3B
14:30
 
 
87B
n/a
 
 
2.5%
21:00
 
 
3.2%
n/a
 
 
0.3%
21:45
 
 
5.8%
Friday, Oct 20
24h
 
 
04:30
 
 
2.8%
04:30
 
 
23

 

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