Forexlive European FX news wrap: Tight ranges as we await the US CPI

• US mortgage applications -5.1% vs -1.3% prior
• Morgan Stanley expecting slight deceleration in tomorrow’s CPI
• ECB’s Patsalides says room for rate cut but Middle East implications need assessment
• Interest rate expectations for upcoming policy decisions
• Israeli PM Netanyahu held extensive talks with senior officials on response to Iran
• Views on major FX from UBS
• ECB’s Kazaks: Rate cuts are necessary as the economy is weak
• China’s new yuan loans likely surged in September as stimulus ramps up
• Market mood a bit sour this morning
• Category 5 Hurricane Milton to hit Florida Gulf Coast tonight with 160 mph winds
• Lloyd’s of London warning on potential $14.5 trillion global economic loss
• ECB’s Kazimir: Not as convinced as media reports on October cut
• Europe’s STOXX 600 bolstered by defensive sectors amidst China uncertainty
• What are the main events for today?
• British envoy Lammy embarks on China mission to mend ties
• Geopolitical risk premium in oil market eases slightly, says Goldman Sachs
• The @Newsquawk Europe Market Open: China finance briefing, ECB and Fed speakers ahead
• China’s finance ministry to detail fiscal stimulus plans on Saturday
• Japanese machine tool orders decline in September
• German Imports Drop More Than Expected, Exports Rise
• ECB ‘very likely’ to reduce interest rates next week, says Villeroy
• China’s finance ministry briefing set for October 12; fiscal policy adjustments revealed
• Dollar Holds Steady Pre-Fed Minutes; Kiwi Drops on Rate Cut
• India cenbank keeps rates steady at 6.50%, shifts to ‘neutral’ stance
• World Bank says China growth rate will drop next year, doubt over recent stimulus measures

It’s been another dull session as we continue to wait for the US CPI release tomorrow. The price action remains rangebound in most markets.

The only notable news was about the China’s finance ministry holding a news conference on Saturday to
provide details on fiscal stimulus measures aimed at reviving the
faltering economy.

We had also some ECB speakers continuing to talk about the October cut which is already fully priced in by the markets. On the geopolitical front, nothing has changed as Israel has not decided yet on the scope and the timing for the retailiation against Iran.

In the American session, there’s no economic data to be released but we will hear from lots of Fed speakers. Finally, we will conclude with the FOMC Meeting Minutes later in the day, but as it’s almost always the case, they won’t matter.

This article was written by Giuseppe Dellamotta at www.forexlive.com.