In news closer to home Bank of England governor Mark Carney said there remains a lot of spare capacity in UK labour markets whilst repeating that Policy Makers will not be rushing to raise the official cash rate even if the level of unemployment reaches 7 percent. This respons to maintaining the precedent set by the US Fed it appears Central Banks globally are reluctant to remove stimulus early ahead of signs of sustained and robust growth.
Reaching overnight highs of 1.6217 against the Greenback the Sterling is also stronger against both the Aussie 1.7752 and the Kiwi 1.9770.
Meanwhile from majors economic data update, The S&P 500 advanced 0.2 percent overnight after figures showed home prices in 20 US cities rose by the most since February 2006 in the 12 month period through September.
Countering Monday's disappointing pending home sale number figures have continued to point towards sustained progress even in the face of a slight increase to the cost of borrowing. In a session which generally did little to help the progress of the Greenback the USD/JPY was stopped short in its attempt to capture new daily highs topping out at a rate of 107.704.
And for now, Opening this morning lower at 101.246 a big drop in US consumer confidence during October (to a seven month low), thus far has yet to translate into broader weakness throughout the world's largest economy. In what proved to a lacklustre session the Euro has advanced opening stronger at a rate of 1.3571 and going more
Data releases
AUD: Construction work done q/q
NZD: Trade balance
JPY: No data today
GBP: Second Estimate GDP q/q, Prelim Business Investment q/q, CBI Realised Sales
EUR: German 10-y Bond Auction, GfK German Consumer Climate
USD: Core Durable Goods Orders m/m, Unemployment Claims, Chicago PMI, Revised Consumer Sentiment
Source: ozforex
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