Currency Analyst since 2010

Nov. 11: Asian session

US dollar is a bit lower versus its counterparts before Fed’s officials speak amid signs the US economy may be strong enough for the central bank to taper monetary stimulus. Minneapolis Fed President Narayana Kocherlakota and Atlanta Fed President Dennis Lockhart will speak tomorrow. Today French, US and Canadian banks are closed for the bank holidays.

EUR/USD edged up a bit to $1.3360 after it found support at the 100-day MA. Euro declined ahead of data this week that may show factory output declined in the currency bloc and after an unexpected rate reduction by the ECB. German Buba President Weidmann will speak at 17:00 GMT. Otherwise, we are light on data. GBP/USD returned to the levels above $1.6000 after it opened with a small gap down.  

USD/JPY has weakened back below the 99.00 mark. Japan’s current account deficit came worse than expected. USD/CHF is stuck around 0.9225 after it met resistance at 0.9250 on Thursday and Friday.

AUD/USD is consolidating in a tight $0.9370/90 range after the recent sharp drop. NZD/USD has recovered to $0.8290 after having formed a shooting star candle over the last week. The New Zealand finance minister English said NZ budget was on track for surplus in 2014/15. Data on Saturday showed China's industrial production and investment grew in October, while annual inflation rose to the fastest level in 8 months. USD/CAD declined to 1.0475 after peaking to the level around 1.0500 on Friday.

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