17.11.16

Good morning,

Japanese Yen has reached a level not seen since June amid Japanese Government Bond yields were spiking since the US election last week. The Bank of Japan Governor Haruhiko Kuroda said the central bank will not stand idly by as the yields rise in line with the correlated US Government Bonds in the wake of the election result. USDJPY trading at 109.35 at time of writing. Australia published employment figures showing the unemployment rate is currently at 5.6% AUDUSD trading at 0.7464 at time of writing.

In Europe this session France and Sweden will look at unemployment figures while Italy will publish Trade Balance figures for September. The United Kingdom Retail Sales figures are expected to rise in October, and we will see if the forecasts are correct later this morning. The Euro zone consumer Price Index and also Construction Output figures, for October and September respectively, will be out before the European Central Bank Monetary Policy Meeting Accounts are published. Tomorrow we await to hear from ECB President Mario Draghi at at the 26th European Banking Congress during the 19th Euro Finance Week in Frankfurt, Germany. EURGBP trading at 0.8601 at time of writing.

Across the Atlantic today the main talking point and focus will be on the speeches from Federal Reserve Chair Janet Yellen and the speech from New York Fed President William Dudley which precedes it. Building Permits and Housing Starts figures will be out, as will Jobless Claims figures, with October's Consumer Price Index also on the agenda. The market is expecting a 25 basis point increase in the Fed Base Interest Rate despite the market reaction to the election victory of President-Elect Donald Trump. EURUSD trading at 1.0722 at time of writing.

I hope you all have a nice day.