Currency Analyst since 2010

Oct. 10: Asian session

US dollar rose as, according to Bloomberg, US Congressional leaders were said to be open to a short-term increase in the nation’s debt limit. The Fed’s last meeting minutes released yesterday showed that most official think the QE tapering could start as soon as the next 2 monetary meetings and halting all QE purchases by the middle of 2014. Don’t miss US unemployment claims at 12:30 GMT.

EUR/USD is trading just below $1.3500, a bit above yesterday’s low at $1.3485. Demand for the euro was supported ahead of data today forecast to show industrial output gained in France and Italy. The ECB’s President Mario Draghi will speak again at 16:20 GMT. Yesterday he said that many US commentators “mistook the euro for fixed exchange-rate regime, when in fact it is an irreversible single currency.”

GBP/USD keeps testing support at $1.5920. Yesterday pound lost more than 100 pips. The Bank of England is expected to keep policy unchanged today (11:00 GMT).

USD/JPY rose to 97.76. US dollar’s rising for the third day after it got support from the 200-day MA. Yen weakened before the Bank of Japan’s Governor Haruhiko Kuroda speaks today (16:00 GMT). USD/CHF rose to 0.9130, to the highest level since the end of September.

AUD/USD declined to $0.9400 after data showed a smaller-than-forecast gain in employment (9.1K vs. 15.2K). The nation’s unemployment rate dropped from 5.8% to 5.6%. NZD/USD slid to $0.8250. USD/CAD reached 1.0420.

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