Forexlive European FX news wrap: Schnabel won't rule out more ECB rate hikes

<ul><li><a href="https://www.forexlive.com/centralbank/ecbs-schnabel-if-risks-materialize-further-rate-hikes-may-be-necessary-20231006/">ECB's Schnabel: If risks materialize, further rate hikes may be necessary</a></li><li><a href="https://www.forexlive.com/news/halifax-says-downward-pressure-on-uk-house-prices-likely-to-last-into-next-year-20231006/">Halifax says downward pressure on UK house prices likely to last into next year</a></li><li><a href="https://www.forexlive.com/news/german-industrial-orders-rebounded-in-august-20231006/">German industrial orders rebounded in August</a></li><li><a href="https://www.forexlive.com/news/italy-august-retail-sales-04-vs-04-prior-20231006/">Italy August retail sales -0.4% vs +0.4% prior</a></li><li><a href="https://www.forexlive.com/news/mohamed-el-erian-on-2-factors-that-makes-a-us-recession-more-likely-20231006/">Mohamed El-Erian on 2 factors that makes a US recession more likely</a></li><li><a href="https://www.forexlive.com/news/jpmorgans-marko-kolanovic-is-preparing-for-a-possible-20-drop-in-the-sp-500-20231006/">JPMorgan’s Marko Kolanovic is preparing for a possible 20% drop in the S&amp;P 500</a></li></ul><p>Markets:</p><ul><li>Gold up $1 to $1821</li><li>US 10-year yields up 2.9 bps to 4.74%</li><li>WTI crude oil up 18-cents to $82.48</li><li>S&amp;P 500 futures up 0.2%</li><li>GBP leads, JPY lags</li></ul><p>The news was mostly positive in Europe as German industrial orders rebounded from a dreadful July and Schnabel kept the door open to rate hikes, though the later may have only served to reinforce that it will take a surprise to jar the ECB from the sidelines.</p><p>The euro was under some pressure early in Europe as the dollar strengthened broader but it's since turned around and is trading at the highs of the day. The pound also has some momentum in its third day of gains.</p><p>The yen is weaker though as global yields tick higher again. Perhaps the most-intriguing news is that President Biden scheduled an appearance to talk about the jobs report at 11:30 am ET. That's the kind of thing a President would do to take a victory lap after a good report.</p>

This article was written by Adam Button at www.forexlive.com.