Forexlive Americas Forex new wrap: Election jitters send the dollar lower

Forex news for New York trading on November 1, 2016

• Hard for stocks to hold a candle in the cold November rain


• US stocks rebound into the close. Still in the red at the close.


• Economic data due from Asia today


• US October total vehicle sales 18.29M annual rate - Autodata


• USD into FOMC: "No tricks, No treats"; Two areas of focus - BAML


• This is what happens when you threaten Mexico and immigrant labor


• SNB"s Jordan reiterates that Swiss franc remains overvalued


• Floor in the EURCHF? Be careful


• Nov FOMC: On hold; Too early to say a December hike is a done deal - Danske


• BOC"s Poloz: Reiterates that downside risks seen in Sept have crystalized


• No sounds of SNB cowbells ringing as 1.0800 breaks


• Poloz: Weak business investment is a global phenomenon


• Dollar moving lower. USDJPY, USDCHF, EURUSD leading the move


• Bank of Canada"s Poloz doesn"t mention the outlook or interest rates


• Atlanta Fed GDPNow cuts Q4 GDP estimate to 2.3% from 2.7%


• AUD to test peak at 0.7835 - BTMU


• Fonterra GDP price index rises 11.4%


• Survey bodes well for Q4 says ISM"s Holcomb


• US Sept construction spending -0.4% m/m vs +0.5% expected


• October 2016 US ISM manufacturing PMI 51.9 vs 51.7 exp


• October 2016 US Markit manufacturing PMI final 53.4 vs 53.2 exp


• Canada Oct RBC manufacturing PMI 51.1 vs 50.3 prior


• What"s going on in the Swissy?


• Canada August GDP +0.2% m/m vs +0.2% expected

Markets:

• WTI crude oil futures $46.81, -s$.06 or -0.17%


• Spot gold $1288, plus $11.27 or +0.87%


• US 10 year bond  1.2874%, unchanged


• S&P  index, -0.68%


• The CHF is the strongest. The USD and GBP are the weakest.

The US session saw the US dollar move lower - mainly on election fears.   Clinton emails continued to surface from Wikileaks with promises for more damaging ones to come before the November 8th election. There was even a false report that Michelle Obama scrubbed her Twitter account of all references to Hillary Clinton. It ended up not being true but such is the minefield of risk that traders face going into the election.  Oh...did I mention there is a Fed meeting tomorrow (no change expected) and a key US employment report on Friday?  Minefields ahead. Travel at your own risk.   

As far as US economic data, Construction spending was a disappointment (-0.4% vs +0.5% estimate), but ISM manufacturing (51.9 vs 51.7) and Markit PMI (53.4 vs 53.2 est) were better than expectations.  US car sales for October also came in better than expectations.  So rock, paper, scissors, the stock market decline, and political uncertainty, trumped (no pun intended) the other/better US data.  

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Forexlive Americas Forex new wrap: Election jitters send the dollar lower
Forexlive Americas Forex new wrap: Election jitters send the dollar lower
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