Currencies Lack Direction as Powell, Lagarde Go Over Old Ground

Haven currencies gained Tuesday, but recent ranges were largely respected, leaving markets largely searching for direction.

• Speeches from both ECB's Lagarde and Fed's Powell were inconsequential and largely covering well worn ground after their flurry of recent speeches. JPY, USD were the strongest currencies, with AUD, GBP and NOK the worst off.
• Another day of duelling Brexit headlines fail to prop up GBP despite a positive start to the European session. Despite one report suggesting this week's round of trade talks had been "one of the most positive", markets appeared to pay more heed by Bloomberg headlines suggesting the EU are to ignore the October 15th Brexit deadline in an attempt to call the UK PM's bluff in a bet that he will not walk out of trade deal talks. GBP/USD fell over 50 pips from the three-week high posted in European hours of 1.3007.
• Focus Wednesday turns to German industrial production and FOMC minutes. ECB's Lagarde & Villeroy are speaking as well as five different Fed members.