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FCA & CySEC
BBA mortgage approvals from the UK may offer some temporary direction for the pound this morning, although any attempt to cool the property market can be achieved using somewhat more subtle means than an outright shift in monetary policy. As such any reaction to the data could well prove to be rather short-lived.
We have another raft of data from the US later in the session including services PMI, trade balance and new home sales. That Fed rate hike is looking to be as good as nailed on for December, but this is more about the pace of policy tightening in 2017. Clearly we still have the result of the Presidential election to contend with, but with the polls continuing to paint an increasingly positive picture for Clinton, this shouldn’t provide too much of a distraction.
Crude oil is also worth watching – US front month WTI has lost its grip on the $50 level as fears mount that the proposed Opec production cuts won’t be implemented as planned and with expectations being that we will see a build in stocks when the inventory data is released later in the session, downside pressures could continue to mount here.
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