Forex Today: Markets whipsawed on fast-moving trade headlines, Canadian jobs and US consumer sentiment eyed


Here is what you need to know on Friday, November 8:
- Trade: Contradicting reports about the state of US-Sino talks have been whipsawing markets. The world's largest economies are set to include a rollback of tariffs in the phases of agreement, but fierce internal opposition is holding progress back. Among White House advisers, Larry Kudlow has expressed optimism and readiness for concessions, while Peter Navarro has said that nothing has been agreed, and everything depends on President Donald Trump. The mood leans toward risk-off on Friday after a risk-on atmosphere on Thursday. Gold prices stood out with a substantial drop.
- Chinese trade balance figures have shown a smaller than expected drop in exports. 
- US data: The University of Michigan's preliminary Consumer Sentiment Index for November is set to show a small improvement, confirming the strength of the consumer. See US Michigan Consumer Sentiment Preview: The Beijing express arrives in the station
- GBP/USD is struggling around 1.28 after the Bank of England painted a more gloomy picture of the local and global economies. Two members of the Monetary Policy Committee voted for a rate cut. 
- AUD/USD has been losing ground after the Reserve Bank of Australia's Summary of Monetary Policy has shown that the bank is reluctant to raise rates even if the global economy picks up.
- Euro-zone: The European Commission's new forecasts have included a downgrade of GDP forecasts from 1.2% to 1.1% this year and from 1.4% to 1.2% in 2020. German trade balance and French industrial output are eyed today.
- USD/CAD has been moving higher amid a drop in oil prices and ahead of Canada's jobs report. A modest increase in positions is expected in October after a leap of 53.7K in September. See Canada Employment Preview: The Bank of Canada’s patience is rewarded
- Cryptocurrencies have been edging lower, with Ripple's XRP struggling more than its peers.

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