The pound is rising as the UK’s Supreme Court hears an appeal case related to whether or not Parliament should have a vote on Brexit. After a previous High Court ruled in favor of Parliament to trigger next year’s referendum start, investors are expecting the Supreme Court to rule similarly (though its verdict isn’t expected until January). A say by Parliament may increase the chances that the UK may trade on a single market with the European Union, a more trade-friendly scenario than going without the single market route. Tomorrow morning we’ll see housing price, manufacturing, and industrial production numbers.
Meanwhile, the euro is sliding despite stronger-than-expected Eurozone Q3 GDP growth and German factory orders results. This is perhaps because some investors are digesting yesterday’s election results from Italy while others are waiting for more economic insight from the European Central Bank meeting on Thursday. Tomorrow we’lll see Germany’s latest industrial production readings and Italy’s trade balance data.
Stateside, the US dollar is climbing as investors await October’s factory orders results and a consumer confidence survey out this morning. Tomorrow will bring the weekly mortgage applications and JOLTS jobs openings report in the morning followed by October’s consumer credit numbers out in the early afternoon.
To our north, the Canadian dollar is tumbling as oil prices are down 2% so far today. Tomorrow morning brings the Bank of Canada’s meeting, where the central bank is expected to hold interest rates steady.
In the Pacific, the Australian dollar is trading lower after the Reserve Bank of Australia’s decision to hold interest rates steady last night. Aussie dollar investors are now waiting on the latest construction sector activity and Q3 GDP results set to come out tonight. Meanwhile, the Japanese yen continues to weaken against the US dollar tied to its stronger economy, and is now trading at its lowest levels against the greenback since March.
EURUSD: The euro is trading lower perhaps as investors digest yesterday’s election results out of Italy.
GBPUSD: The pound is rising as investors watch the Supreme Court’s Brexit-related appeal.
AUDUSD: The Aussie dollar is down as investors await tonight’s Q3 GDP and construction sector activity data.
USDCAD: The Canadian dollar is falling along with oil prices.