EUR/usd
American exchanges will be open today. The markets look forward to this, since today is the last day of the month, so most funds will be reshuffling their portfolios. Very often it spills over into profit-taking, it means into the move opposite to that observed all through the month. In October the stock market has generally been on the decline. Following this logic, the US stock futures are growing now at the beginning of the day. Yesterday the single currency was appreciating, even despite rather poor news from Europe. eurusd failed to test the level of 1.30, however the growth from the daily low of 1.2885 to 1.2983 can be called significant. The two-day absence of stock trading must have given rise to thirst for risk, which can contribute to the positive performance of the stocks and testing of 1.30 by the euro. It only remains to hope that the Spanish statistics scheduled for today won't spoil the demand for the euro. Apart from opening of stock exchanges, the good news for the States is that the payrolls will be released on time. Before that it was even rumoured about the delay of the release. Besides, tomorrow we should expect the release of the ADP non-farm employment statistics. Last week the company announced that together with Moody's it was improving the calculation formula. According to the new method, in October the labour market grew not by 162K, but just by 88K. And for the period from the beginning of the year till now the difference between the old and new estimates makes 365K. Anyway, the analysts expect that for October this index will amount to about 140K. In our opinion, even growth by 100K will be treated as good news.
EUR/GBP
Yesterday we mentioned that the euro's growth last week, most likely, was a result of the retracement after the rally in EURGBP, rather than the beginning of a new impulse of growth in the pound. The reaction to the CBI Realized sales proved this guess. The index grew from 6 to 30 in October, which is very impressive, especially taking into account the forecasted value of 7. Anyway, this didn't stop selling of the pound against the euro. The pair rose to 0.8070 yesterday. However, now the market is in a wait-and-see position, while the single currency is standing on the defensive before the beginning of trades in Europe.
USD/JPY
The upsurge of volatility yesterday on the announcement of BOJ's decision didn't last for long in the yen. Within minutes usdjpy tumbled from 80.13 down to 79.27, but by the end of the day had managed to stabilize at 79.60. A day before, on Monday, the pair was trading right at the same levels. So the BOJ hasn't changed anything in the market.
oil
WTI is trading in a rather narrow corridor between 85 and 86.30. The reason for that is not so much closing of the exchange as the absence of an idea. In the short-term perspective WTI seems to have reached the bottom and prepared itself for an upward surge. However, we shouldn't forget the promise of Saudi Arabia to control the cost of brent around $100 per barrel (now the price is $109). In other words, be careful with buying the Oil: the risk may pay off only in the short term.
