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Markets Consolidate After Busy Week

FOREX
  • Markets are largely consolidating early Friday, with equities reversing a small portion of the solid gains posted over the past few days, working in favour of haven currencies and against high beta growth FX. As a result, the USD trades firmer alongside the JPY, while the AUD and NZD are the poorest performers on the day.
  • German IFO data for September came in mixed, with expectations beating forecast while the current assessment and business climate components came in just below. EUR/USD was little changed and holds close to the week's best levels but still below key resistance at the 1.1786 50-dma.
  • The data calendar thins out headed into the weekend, with just August New Home Sales left on the docket.
  • There are a number of ECB and Fed speakers on the docket, with ECB's Elderson, Lane, Fed's Powell, Clarida Mester, Bowman, Bostic and George on the schedule.
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