Latest data from the Mortgage Bankers Association for the week ending 29 October 2021
–  +0.3%
– Market index 623.8 vs 645.1 prior
– Purchase index 271.1 vs 275.6 prior
The drop in mortgage applications in the past week comes as both purchases and refinancing activity fall, with the latter in particular seeing a rather steep drop to its

Remarks by ECB president, Christine Lagarde
The part on rates is the key passage as Lagarde pushes back against market bets on ECB rate hikes – which we have already seen pulling back since the start of the week.

Forex news from the European trading session – 2 November 2021
Headlines:
Markets:
– JPY leads, AUD lags on the day
– European equities mixed; S&P 500 futures flat

Remarks by China premier, Li Keqiang, via state media
This just reaffirms that local authorities will provide the necessary support in managing economic activity amid the power crunch that is impacting the country. Nothing new to the language so that’s the main takeaway, if anything else.

Dollar only seen trading weaker against the yen
Outside of that, the greenback is keeping a slight advance with EUR/USD lingering around 1.1590 levels as the pair holds below its key hourly moving averages @ 1.1608-16 with large expiries seen expiring later today at 1.1585.

USD/JPY weighed down by lower bond yields on the day
The pair is down 0.4% to 113.50 levels currently but is still holding above recent support around 113.40 with the low last week seen at 113.25.

A jump in supplier delivery times was a key detail across the manufacturing PMI reports in Europe today
The German report especially underscored the issue this has on the headline PMI reading:

Forex news from the European trading session – 1 November 2021
Headlines:
Markets:
– NZD leads, GBP lags on the day
– European equities higher; S&P 500 futures up 0.4%

Remarks by US Treasury secretary, Janet Yellen

The market has been bullying central banks again as of late, so will policymakers fight back this time around?
The key ones to look out for this week are the RBA, Fed, and BOE meetings. So, let’s cut right to the chase, shall we?