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EUR/USD
The Euro weakened to lows around 1.4840 against the dollar on Thursday as technical considerations tended to dominate within narrow ranges. The Euro was also unsettled to some extent by a general increase in risk aversion. The dollar was unable to make a serious attempt on breaking Euro support in the 1.4820 region as markets lacked momentum.
The Philadelphia Fed index was stronger than expected with a further increase in the headline index to 16.7 from 11.5 the previous month. The employment component remained negative, but was at the highest level for over 12 months. Leading indicators rose a further 0.3% for October.
Elsewhere, jobless claims were unchanged at 505,000 in the latest week...
The Euro weakened to lows around 1.4840 against the dollar on Thursday as technical considerations tended to dominate within narrow ranges. The Euro was also unsettled to some extent by a general increase in risk aversion. The dollar was unable to make a serious attempt on breaking Euro support in the 1.4820 region as markets lacked momentum.
The Philadelphia Fed index was stronger than expected with a further increase in the headline index to 16.7 from 11.5 the previous month. The employment component remained negative, but was at the highest level for over 12 months. Leading indicators rose a further 0.3% for October.
Elsewhere, jobless claims were unchanged at 505,000 in the latest week...
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EUR/USD
The Euro edged back to the 1.50 region in Europe on Tuesday, but was again unable to make a break above this level. There were further reports of option-related activity which stifled Euro gains.
The latest housing data remained slightly disappointing with the NAHB unchanged at 17 for October following a small downward revision for the previous month.
The industrial production data was also disappointing with the October increase held at 0.1% compared with expectations of a 0.4% monthly increase. The industrial and housing data will increase fears that the economy will find it very difficult to secure a sustained recovery.
Risk appetite was slightly weaker following the data...
The Euro edged back to the 1.50 region in Europe on Tuesday, but was again unable to make a break above this level. There were further reports of option-related activity which stifled Euro gains.
The latest housing data remained slightly disappointing with the NAHB unchanged at 17 for October following a small downward revision for the previous month.
The industrial production data was also disappointing with the October increase held at 0.1% compared with expectations of a 0.4% monthly increase. The industrial and housing data will increase fears that the economy will find it very difficult to secure a sustained recovery.
Risk appetite was slightly weaker following the data...
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EUR/USD
The Euro consolidated close to the 1.50 area in early Europe on Tuesday. The German ZEW business survey weakened to 51.1 for November from 56.0 the previous month, maintaining a trend of slightly weaker confidence reports from Germany, although the indices are substantially above 2008 lows. There were also generally cautious comments from ZEW officials suggesting that the recovery had paused for now.
There will be further unease surrounding Euro-zone structural vulnerabilities and these will become a much more substantial market issue if there is evidence that any recovery is stalling.
The US consumer confidence data was also weaker than expected with the IBD index declining to 47.9 for October...
The Euro consolidated close to the 1.50 area in early Europe on Tuesday. The German ZEW business survey weakened to 51.1 for November from 56.0 the previous month, maintaining a trend of slightly weaker confidence reports from Germany, although the indices are substantially above 2008 lows. There were also generally cautious comments from ZEW officials suggesting that the recovery had paused for now.
There will be further unease surrounding Euro-zone structural vulnerabilities and these will become a much more substantial market issue if there is evidence that any recovery is stalling.
The US consumer confidence data was also weaker than expected with the IBD index declining to 47.9 for October...
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EUR/USD
There was no G20 dollar support at the weekend meetings with a notable concentration by government officials on providing further support for the global economy. These comments maintained expectations that US interest rates would remain at very low levels to help foster a recovery. ECB President Trichet also stated that currency levels had not been a subject for discussion at the BIS meetings, further dampening expectations of any dollar support.
There were comments from the IMF that the dollar was still over-valued on a medium-term view, although it did add that it was now close to a fair value. The comments triggered renewed dollar selling in Asian trading on Monday and the US currency remained on the...
There was no G20 dollar support at the weekend meetings with a notable concentration by government officials on providing further support for the global economy. These comments maintained expectations that US interest rates would remain at very low levels to help foster a recovery. ECB President Trichet also stated that currency levels had not been a subject for discussion at the BIS meetings, further dampening expectations of any dollar support.
There were comments from the IMF that the dollar was still over-valued on a medium-term view, although it did add that it was now close to a fair value. The comments triggered renewed dollar selling in Asian trading on Monday and the US currency remained on the...
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EUR/USD
The Euro consolidated below 1.49 against the dollar in Europe ahead of the ECB policy decision on Thursday. The Euro-zone retail sales data was weaker than expected with a further 0.7% decline for September to give a 3.6% annual decline, maintaining fears over the outlook for consumer spending.
There were no policy surprises from the ECB with interest rates left on hold at 1.00% following the latest council meeting. Bank President Trichet maintained a tone of cautious optimism over the economy, repeating his expectations for a very slow recovery while he drew attention to falling money supply and private loans. Trichet suggested that extreme liquidity measures would be gradually withdrawn during 2010. There...
The Euro consolidated below 1.49 against the dollar in Europe ahead of the ECB policy decision on Thursday. The Euro-zone retail sales data was weaker than expected with a further 0.7% decline for September to give a 3.6% annual decline, maintaining fears over the outlook for consumer spending.
There were no policy surprises from the ECB with interest rates left on hold at 1.00% following the latest council meeting. Bank President Trichet maintained a tone of cautious optimism over the economy, repeating his expectations for a very slow recovery while he drew attention to falling money supply and private loans. Trichet suggested that extreme liquidity measures would be gradually withdrawn during 2010. There...
