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Currency Analyst since 2010

Oct. 16: MARKET REVIEW

Risk sentiment: Asian shares were off session lows but still under pressure as concerns about world economic growth sent US Treasury yields down and Japanese stocks tumbling. Chinese bank lending data was much better than expected, a sign that demand for credit may be picking up, though a drop in China’s foreign exchange reserves in the third quarter suggested speculative money outflows.

EUR: Yesterday’s speech of Mario Draghi gave little hints about the ECB’s plans. Watch final CPI at 09:00 GMT (priced in).

USD: More data later today: Unemployment Claims (12:30 GMT), Industrial Production (13:15 GMT), Philly Fed Manufacturing Index (14:00 GMT).

GBP/USD had a volatile US session, stays in the $1.5880/6060 range.

USD/JPY holds above 105.60 following the yesterday’s dip.

NZD/USD jumped to $0.7990 on Global Dairy Trade auction results: prices up by 1.4%. Business NZ Manufacturing Index: 58.1 vs. 57.0 expected.

Oil found some support on a weaker dollar.

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