European Open: stillness in time

Very dull session overnight, with no relevant data outside of the RBA minutes, which were also in line with expectations. Policymakers also refrained from talking up or down the AUD. The markets paid little attention but Canada’s Liberal Party, led by Justin Trudeau, has decisively won parliamentary elections, ending nine years of Conservative rule. CAD weakened a tad on this, but nothing special.
Today will be another dull day on the macro front, so trading will be technical. We only have some jawboning later on. MPC hawk McCafferty speaks this morning (11.45 CET), though his views on an early rate hike are well known. Later, BoE Governor Carney appears before the Treasury Select Committee (12.00 CET) to discuss the legislation required to cut the number of MPC meetings from 12 to eight a year, though the discussion may well deviate into broader policy issues. Carney speaks again tomorrow evening. Finally, later in the day at 15.00 CET, FED’s Dudley and Powell will be on the wires, and Yellen will be due 2 hours later.
Evidently, Gbp looks “in play” again today, strong vs. USD, Eur and Jpy.
Charts for Today:
GbpUsd
GbpJpy

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