FX Action: The dollar majors have plied narrow ranges
FX Action: The dollar majors have plied narrow ranges into the London interbank open. EUR-USD has settled in the upper 1.09s after failing to sustain rebound gains above 1.1000 over the last day, and USD-JPY has ebbed under 104.00 after failing to sustain gains above here yesterday. The minutes to the September-19 FOMC discount rate meeting showed nine banks requesting a hike to 1.0% (with many directors noting positive reports on consumer spending and tighter labour markets), which offset tame U.S. CPI data and returned a bid to the dollar. The Australian dollar took a knock following the release of as-expected Chinese Q3 GDP data. The data showed the Chinese economy expanding by 6.7%, the same as seen in Q1 and Q2, which is above the government's projected 6.5% growth for 2016, but the report was accompanied by less positive analyst notes highlighting high corporate debt along with expected efforts to quell the property boom and as reasons to be less positive on growth in the period ahead. AUD-USD dove about 25 pips to a low of 0.7664, finding a footing ahead of yesterday's low at 0.7658. Sterling settled lower after yesterday's rebound extended some on news that the UK government may have to give parliament a vote on the Brexit deal (though only after negotiations have finished, by which time parliament will be powerless to stop Brexit).