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FOREX

Trade in equities and currencies across US hours was muted, with US partially closed for Veterans Day (notably, fixed income markets are out until Thursday). US stock markets inched higher amid light newsflow, with the themes remaining the same.

GBP was one of the poorest performers - after making steady progress above the 1.33 handle, price action swiftly reversed as Reuters cited sources in saying UK/EU negotiators would miss their self-imposed Nov15 free trade deal deadline.

ECB's Lagarde formally kicked off the ECB central banking forum, stressing that the ECB's PEPP and TLTROs will remain the key tools going forward - suggesting that December's 'recalibration' of policy will include the two tools. The comments helped keep European spreads under pressure, thereby supporting the EUR.

Focus Thursday turns to UK GDP, Eurozone industrial production and US CPI & weekly jobless claims. Central bank speakers include BoE's Bailey, ECB's Lagarde & Fed's Powell.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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