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CBRT Exec Director for Markets Resigns


Price Signal Summary - Oil Remains On The Back Foot

CHINA FX: USD/CNH continues to tow the line at the middle of the week's range,
sitting either side of 7.07 at present. USD/CNH hit the lowest levels of the
session in early Asia, but made little progress in pressing the rate lower
across European and US hours.
-Reports that China could buy $20bln in US agri products in the first year of a
deal went under the radar despite the low figure - the report goes on to say
this could rise to $50bln in year two.
-Despite one-month contracts now capturing the crucial APEC summit in Chile on
November 16/17 (at which it's speculated Trump and Xi Jinping could seal any
trade deal or, at least, stop the escalation of the trade war), implied vols
continue to decline. The USD/CNY 1m implied now sits at the lowest levels since
early August.
-Focus turns to the speech from VP Pence in just over an hour's time. Political
strategists suspect that Pence could play "bad cop," with a focus on human
rights, which may clear the way for President Donald Trump to play "good cop"
with a deal, according to Compass Point.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |