Market Overview

ForexLive Asia Wrap Up


The third U.S. Presidential debate goes to the finals at the voting booths on November 6th. Looks all square to me. (slight edge to Mitt by one vote, mine)
Moody's downgrades five Spanish regions, confirms ratings of other five.
Australia September conference board leading index fell 0.8%.
RBA's Ridout says A$ has done a lot of heavy lifting for the RBA. Boom slowing, but not over.
World Bank lauds developing nations increased competitiveness, Greece earns a laurel.
Japan Minister of Justice Tanaka confirms his resignation. Another blow to Noda.
Japan FinMin Jojima denies reports that the government is asking BOJ to increase asset purchase program by 20 trillion Yen.
Japan EconMin Maehara will continue to call on BOJ to pursue powerful easing.

The reports (later denied) that the BOJ was going to increase QE by 20 trillion Yen (10 trln Yen expected) on October 30th finally got USD/JPY to trade at the well offered 80.00 level. After the stimulus story was denied  USD/JPY slowly drifted lower and consolidates now around the 78.80/85 level. Bids are reported at 78.50/60 and the offers still remain up at 80.00.

EUR/USD took a back seat tonight trading in a narrow range 1.3075 high, 1.3050 low.  Good offers up at 1.3080/00 and bids below at 1.300/10 keeps it neat and clean.

AUD/USD looked firm most of the session on AUD/JPY buying interest out of Tokyo helped the Aussie. Good offers above at 1.0340/50 (stops reported at 1.3060/80) and buying interest down at 1.0300/10 looks like they will be tested later.

A mild 'risk off' going into Europe but more consolidating now than anything else.

Have a good day.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Forex Markets


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