A historic day
Today’s news headlines:
‘US prepares for election turmoil as voters head to the polls’. Today marks the end of the voting stage of the Presidential election and is set to be an exciting end to perhaps the most contentious race to the White House in history. In anticipation of a disputed outcome shops are boarding up their store fronts in fear of looting and violence. Whichever way the election goes it isn’t going to be a smooth process and the man on the street knows it. (Financial Times)
‘Bank of England faces new doubts over potency of buying bonds’. Many analysts are expecting the Bank of England’s MPC to announce a further £100bn in bond purchases on top of its £300bn already announced this year. The problem is that quantitative easing works best when it’s a large, unexpected increase rather than incremental adjustments. Smaller adjustments lead many to anticipate negative interest rates to become part of the BoE’s arsenal, when the bank’s consultation process concludes at year end. (Financial Times)
Today's events, rates, and data
- Leading into the main event this evening there is little economic data on offer, not that anyone is paying particular attention to the ticker tape. This morning, the Dollar has come off a bit in response to last night's session, where Crude Oil rebound up towards the $40 per barrel mark. Aswell as there being an overnight announcement from the Reserve Bank of Australia which cut interest rates to 0.1% and added 70bn AUD in additional quantatitive easing.
AU Cash Rate: 0.1% vs 0.25% last meeting
US Factory Orders m/m: 3:00pm
NZ Employment Change q/q: 9:45pm
NZ Unemployment Rate: 9:45pm
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