Morning Update – 11/11/15 – 07:39:54

Morning all.. It was a choppy session on Wall St which finally saw the S&P nudge into positive territory, closing up 0.15%. Asia has had a mixed session with the Nikkei up 0.1% but China lower marginally; all in all a quiet and directionless session. In FX we have seen some extension to the profit taking seen into the NY close as EUR squeezed as high as 1.0774 before retreating into the Asia close. USDJPY suffered the same fate and AUD rallied on better data having attempted and failed to break trend support at 0.7016. Portuguese parliament voted against the program of Coelho’s minority Centre-Right govt (as many had expected); vote 123 vs 107; President must now decide whether to name Socialist (opposition) leader as PM. This could weigh on EUR as Portugal now have an anti-austerity government. Today we see the morning dominated by the UK unemployment data which is the only data of note this morning. EURGBP had a small squeeze from the lows but sentiment is still for further losses. The market seems to be convinced that whilst Carney (BoE) says a lot, it is Draghi who will act and thus rallies in EURGBP are sold into as we wait for the December ECB meeting.. Dollar strength will remain a dominant theme. Oil is lower overnight and US 10yr yields are at 2.33%.. Good luck.