Good evening,

The political situation in Portugal, where PM Coelho lost the majority after last month elections, is seen as another factor of weakness of the shared currency. In case the socialist party will form a minority coalition, public deficit may soar and Portugal may be seen the catalyst to accelerate the negative trend of EurUsd, with the parity that is only 700 pips distant. The rate is trading at 1.1.0713 (-0.36%), down 38 pips GbpUsd is unchanged at 1.5111, and it is trading today in a 55 pips range. UsdChf is consolidating above the parity 1.0064 (+0.3%).

Negative session for precious metals, with Silver at 14.7 $/oz (-1%) undeperforming Gold. The shiny metal is at 1,088.2 (-0.36%). Crude Oil is trading at 44.39 $/barrel (+0.89%) and US indices spent most of the session in a negative territory but now the S&P500 is gaining 1.67 points at 2,080.47 (+0.09%).

During the Asian session the Chinese CPI (time n/a) will be the most relevant macro data and tomorrow at 13:15 GMT,  the European Central Bank President Mario Draghi will hold a speech.  Low volatility in the FX market during the US session as banks will be closed for the celebration of the Veterans Day.