Currency Analyst since 2010

Nov. 7: Asian session

EUR/USD is trading at $1.3520 after it reached $1.3547 yesterday. Euro remains supported before the ECB meets today amid speculation the region’s economy isn’t fragile enough to warrant an interest-rate cut (12:45 GMT). The central bank’s president Mario Draghi will start speaking at 13:30 GMT, while the US will release advance GDP and employment claims figures.

GBP/USD is trading in the $1.6080 area after it rose to $1.6117 yesterday. The results of the Bank of England’s meeting will become known at 12:00 GMT: no changes in the monetary policy are expected. USD/JPY keeps consolidating in a narrow 85.75/55 range. USD/CHF slid to 0.9112 from this week’s highs around 0.9150.

AUD/USD dropped from the levels above $0.9500 to $0.9465, disappointed by the Australian jobs report. Employment increased only by 1.1K versus 10.3K growth expected. Unemployment rate came at 5.7%, while the previous reading was revised up from 5.6% to 5.7%. NZD/USD has found support at $0.8350. USD/CAD is trying to hold at 1.0415. Canadian dollar strengthened yesterday amid a rally in commodities including crude oil, the nation’s biggest export.

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