EU Morning Report - Euro, hurricane Sally and BoJ

The euro (EUR) is weakening against most of its major counterparts, as market participants disliked reports on Greek officials and the troika being unable to reach an agreement. The troika report that has been anticipated for a while now is expected to be published on the 12^th of November at the latest. Investors worldwide are expected to closely monitor the US dollar (USD) against the Japanese yen (JPY) ahead of Bank of Japan (BoJ) policy decision tomorrow. Most economists expect that the BoJ will increase the size of its Asset Purchase Program by 10 trillion yen. Hurricane Sandy will hit New York today and several trading floors will be closed, however no disruption to electronic trading is expected.

§ The New Zealand dollar (NZD) appears weak against the US dollar (USD), as the markets open following past week’s comments by Reserve Bank of New Zealand (RBNZ) Governor Wheeler that a lower exchange rate is best for New Zealand’s economy only if price stability and financial strength are not jeopardised.

§ OIL is now trading around 86.00 US dollars a barrel while the 84.90 level seems to be acting as a short-term support. A break below this level could pave the way for lower lows.

Stay in tune throughout the day with foreign exchange bullets!