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European Outlook:  European stock markets moved broadly higher as U.S. factory orders boosted confidence in the global growth outlook. Chinese stocks in Hong Kong tested 2-year highs. Banks were underpinned as U.S. yields moved higher and the dollar strengthened. FTSE 100 futures are also up and the DAX is still trying to break the 13000 mark, as the focus turns to U.S. jobs data. In the Europe investors continue to watch the situation in Catalonia carefully. Spanish markets bounced back yesterday as the central government continues to take a hard line on Barcelona’s secession plans, while leaders in Catalonia seem to the pushing for talks. Indeed, for a long term solution both sides must return to the negotiating table.

FX Update: The dollar has been bid up again, after dipping mid week, gaining concomitantly with Treasury yields following a set of strong data out of the U.S. yesterday, along with relatively hawkish Fedspeack and with all three of the main U.S. equity indices setting record closing highs for a fourth straight session. USDJPY edged out a three-session high just above 113.00 and EURUSD clawed out a new seven-week low at 1.1686. USDCAD logged five-week highs, while Cable plumbed a one-month low. AUDUSD clocked a three-month low, at 0.7743, extending the down trend that’s been developing since the pair failed to sustain gains above 0.8000 between late July and September. Markets are now looking to the September employment report, up later today, savvy to temporary distortions caused by the hurricanes. A relatively subdued 120k headline increase is expected. There is also another barrage of Fed speakers due, which will almost certainly, on net, affirm that a rate hike is in the works for the December FOMC.

Main Macro Events Today


  • MPC Member Haldane Speech 
  • Canadian Unemployment Rate – Expectations0.1% down from last month 6.2%
  • US NFP – Expectations66k down from last month 156k 
  • FED Speeches – Kaplan , speak at a workforce development conference. NY Fed’s Dudley could be the most enlightening with his remarks on monetary policy. Also, Bullard speaks on the economy .

Charts of the Day


Support and Resistance Levels


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Stuart Cowell

Senior Market Analyst

HotForex

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