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Nov. 12: European session

US dollar remains broadly supported versus the major currencies as the last week’s upbeat US data increased the likelihood of the Federal Reserve stimulus reduction. Emerging currencies and stock markets are trading under pressure. 

GBP/USD has fallen to $1.5850 on British inflation data. Cable broke below the significant $1.5900 support area. UK consumer prices increased by 2.2% y/y in October versus 2.5% expected and 2.7% in September.

EUR/USD keeps its consolidative move in the $1.3400/3300 area. Today euro declined to $1.3365 and almost erased yesterday’s gains. Euro was hit today as German wholesale prices fell by 1.0%. ECB officials Asmussen and Nowotny made some dovish comments today. 

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