China: Activity slows in October – ING Iris Pang, Economist at ING , notes that China’s official manufacturing PMI fell to 51.6 (INGF: 52.9; consensus: 52.1; prior: 52.4) as new export orders, imports and new orders remained above 50, but suggest slower growth than previous months.
Key Quotes
“The most eye-catching sub-index was new export orders. These dropped to 50.1, a level not seen since Nov 2016. This suggests export growth will slow in the coming months.”
“The non-manufacturing PMI benefited from rising demand for telecommunication and satellite related services, but these activities could not balance-off slower activity in the real estate sector. That explains the slower growth in service sector PMI at 54.3 (INGF: 57; prior: 55.4).”
“Though these PMIs were slower than expected, they are still above the reference point of 50. This implies that GDP forecasts for 4Q are very likely to grow slightly slower than the previous 3Q to 6.7% YoY.”
“Generally, China still follows a ve..Read More →

USD/JPY moves to session tops near 113.40 Spot pushes higher amidst rising US yields. US 10-year yield approaching 2.39%, daily peaks. BoJ stayed unchanged, matching consensus. The greenback is now gathering further pace vs. its Japanese counterpart, lifting USD/JPY to the area of daily tops around 113.40.
USD/JPY up on yields, looks to data
After bottoming out in sub-113.00 levels during early trade, spot managed to regain some traction along with the emergence of dip-buyers.
In addition, yields of the key US 10-year benchmark is extending the rebound from earlier lows in sub-2.36% area and is now looing to test the 2.39% neighbourhood, recording daily highs at the same time.
JPY met extra selling pressure after the Bank of Japan left unchanged its monetary policy stance at its meeting earlier in the Asian session, matching the broad consensus among investors.
Further out, the BoJ now sees inflation rising 0.8% in FY 2017/18 and 1.4% in FY 2018/19. Regarding GDP, the central bank..Read More →

Here's the latest on other key pairs 31 OctNote: Offers = Sellers at these levels. Bids = Buyers at these levels.

These orders, and the others I post, are generally good until filled/ level breached.

USDCHF: 0.9987 near session highs with EURCHF also on the rise
Offers : 1.0000-05 1.00301.0050 1.0080 1.0100
Bids: 0.9965 0.9950 0.9930 0.9900

EURCHF: 1.1616 finding support below 1.1600 again
Offers: 1.1630 1.1650 1.1680 1.1700 1.1720
Bids: 1.1585 1.1570 1.1550 1.1500

USDCAD: 1.2852 also on session highs in generally USD+ session
Offers: 1.2665 1.2885 1.2900 1.2930 1 .2950
Bids: 1.2830 1.2800 1.2780 1.2750 1.2700

NZDUSD: 0.6841 just off session lows
Offers: 9.6865 0.6885 0.6900 0.6920
Bids: 0.6820 0.6800 0.6785 0.6750Read More →

Forex news for the European morning trading session 31 Oct 2017 Happy Halloween one and all
News:
Russia denies it interfered with US presidential electionCatalan leader Puigdemont to hold press conference from BrusselsECB's Visco says they will remain very accommodative after QE recalibrationBOE warns that UK financial sector could lose 75,000 jobs after BrexitBOJ's Kuroda says downside risks to prices are largerMore from Kuroda: Abnormal yen rises that deviate from fundamentals would hurt economy
More from Kuroda (2): Nonsense to tighten policy now to deal with future riskBOJ to mantain current pace of bond buys in November
SNB 2017 9-month profits CHF 33.7blnForex option contract expiries for today 31 OctTrading ideas for the European sessionStay tuned for Wednesday's NZ employment report – previewCanadian data due today – preview of August GDPMore Australian politics – Senate President thinks he is a dual citizen, may resignNikkei 225 closes unchanged at 22,011.61Fo..Read More →

Following the release of euro area GDP for the third quarter and consumer price figures for October at 6:00 am ET Tuesday, the euro traded mixed against its major rivals. While the euro dropped against the greenback and the yen, it changed little against the franc and the pound.
The euro was worth 131.71 against the yen, 1.1606 against the franc, 1.1630 against the greenback and 0.8808 against the pound around 6:01 am ET.Read More →

The euro area economy expanded more-than-expected in the third quarter, preliminary flash estimate published by Eurostat showed Tuesday.
Gross domestic product climbed 0.6 percent quarter-on-quarter, but the rate was slightly slower than the revised 0.7 percent expansion seen in the second quarter. Economists had forecast a sequential growth of 0.5 percent.
On a yearly basis, the economy grew 2.5 percent, which was faster than the 2.3 percent rise logged in the second quarter and the expected rate of 2.4 percent.
Eurostat releases flash GDP estimates on November 14.
The EU28 also grew 0.6 percent sequentially and by 2.5 percent on year in the third quarter.Read More →

Eurozone inflation eased unexpectedly in October, though marginally, flash data from Eurostat showed Tuesday.
Inflation slowed to 1.4 percent in October from 1.5 percent in September. Economists had expected the inflation to remain stable at 1.5 percent.
Core inflation that excludes energy, food, alcohol and tobacco, moderated to 0.9 percent from 1.1 percent in the preceding month. Meanwhile, the rate was forecast to remain steady at 1.1 percent.
Energy price growth eased to 3.0 percent in October from 3.9 percent in September.
Prices of food, alcohol and tobacco grew at a faster rate of 2.4 percent annually, after a 1.9 percent rise in the previous month.Read More →