European Open: patience required

Quite a dull session in Asia, as market participants keep calm before the Central Bank meetings this week. So nothing to note from the Asian session except a wider September Trade Deficit for Nzd. However the Bird was hardly shaken by the news and remains one of the stronger currencies out there. Stops seen building below 6920s and traders more aware that the higher Kiwi rises, the more incentive there is for the RBNZ to talk it down.
Looking ahead, we have UK data today, with the Q3 Advanced GDP which is expected to slow to 0.6% from 0.7%. Gbp however isn’t all that weak on the crosses so the best bet to play any weakness is to pop into GbpUsd. However, if GDP surprizes the market to the upside, GbpCad longs or EurGbp shorts look like a decent play.
Durable goods are the data highlight for the US session, along with central bank speakers: BoC’s Lane (speaks on inflation targeting),  ECB’s Nowotny and Coeure, and BoE’s Shafik.
Charts for Today:

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