Euro is Trading Higher Awaiting ECB Minutes Release

Market Reviews

Most currency pairs and crosses are bounded inside yesterday’s ranges. Euro is trading generally higher, followed by British pound. Australian dollar and New Zealand dollar weakened. For the week, Swiss franc remains the strongest one, followed by US dollar and Japanese yen.

On stock markets, DOW hit day high at 24669.79 but closed flat at 24464.69. S&P 500 added 0.3% to 2649.93. NASDAQ closed up 0.92% at 6972.25. Asian markets are mixed. Nikkei is up 0.62%. China SSE is down 0.45%. Singapore Strait Times is up 0.10%.

UK Prime Minister Theresa May concluded her meeting with European Commission President Jean-Claude Juncker without any breakthrough. The talks will continue again on Saturday. May told after the meeting that “I will be returning on Saturday for further meetings, including again with President Juncker, to discuss how we can ensure that we can conclude this process in the way which is in interests in all our people.”

Meanwhile, an European Commission spokesman said that “Very good progress was made in the meeting between President Juncker and Prime Minister Theresa May. Work is continuing.”

The European Central Bank will release accounts of October 25 monetary policy meeting today. No significant new policy guidance was announced during the meeting and there is little chance of any hint in the accounts for a change in the policy path.