6 Nov 2013
Session Recap: FX market driven by economic data
FXstreet.com (Córdoba) - The US dollar trades somewhat lower versus most competitors amid choppy moves, mainly not because of self-weakness but because other currencies benefited by strong domestic data.
The EUR/USD received a boost from better-than-expected Germany factory orders and climbed to a 5-day high of 1.3531, while GBP/USD was lifted by strong UK industrial production data and regained 1.6100.
The AUD/USD benefited from better-than-expected trade data and reached a 1-week high of 0.9540. Meanwhile, the NZD/USD rose to a 2-week high of 0.8414 after employment data. The USD/JPY was little changed at the 98.55 area.
However, moves lacked follow through as investors gear up for the ECB decision tomorrow and the US nonfarm payrolls Friday. During the New York session there will be only second-tier data including October Challenger Job Cuts and the CB Leading Indicator for September.
Main Headlines in Europe:
UK: Halifax House Prices increase by 0.7%% in October
Morning outlook: Continued focus on US GDP and NFPs later in the week
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
Germany: Services PMI slides to 52.9 in October
EMU: Services PMI falls less than projected in October
UK: Annual Industrial Production rises 2.2% in September
EMU: Annual Retail Sales grow less than expected in September
The EUR/USD received a boost from better-than-expected Germany factory orders and climbed to a 5-day high of 1.3531, while GBP/USD was lifted by strong UK industrial production data and regained 1.6100.
The AUD/USD benefited from better-than-expected trade data and reached a 1-week high of 0.9540. Meanwhile, the NZD/USD rose to a 2-week high of 0.8414 after employment data. The USD/JPY was little changed at the 98.55 area.
However, moves lacked follow through as investors gear up for the ECB decision tomorrow and the US nonfarm payrolls Friday. During the New York session there will be only second-tier data including October Challenger Job Cuts and the CB Leading Indicator for September.
Main Headlines in Europe:
UK: Halifax House Prices increase by 0.7%% in October
Morning outlook: Continued focus on US GDP and NFPs later in the week
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and UBS
Germany: Services PMI slides to 52.9 in October
EMU: Services PMI falls less than projected in October
UK: Annual Industrial Production rises 2.2% in September
EMU: Annual Retail Sales grow less than expected in September