Currency Analyst since 2010

Nov. 14: Asian session

Today the Fed’s chairman nominee Janet Yellen will testify in Congress (15:00 GMT). Yesterday Yellen said the economy is “far short” of its potential and must improve before the US central bank can slow stimulus. Also watch US unemployment claims and trade balance at 13:30 GMT.  

EUR/USD met resistance at $1.3500 and then eased down to $1.3460. Euro fell after the ECB executive board member Peter Praet said the central bank can use negative interest rates. A bunch of data is released in Europe today: French and German GDP (06:30 and 07:00 GMT), French NFP at 07:45 (GMT), the ECB monthly bulletin at 09:00 GMT, euro zone’s flash GDP at 10:00 GMT (see the economic calendar for details).

GBD/USD is trading on the downside, pound declined by 30 pips from $1.6060. Sterling’s correcting a bit after it gained about 150 pips yesterday as the Bank of England Governor Mark Carney gave an upbeat assessment of the country’s economy, saying the recovery has finally taken hold.    

USD/JPY rose to 99.70. Yen weakened as Asian stocks gained and after data showed Japan’s growth slowed in Q3 (from +0.9% to +0.5%), adding to the case for the central bank to boost stimulus. Finance Minister Taro Aso said it’s important that the nation has intervention as a policy option. USD/CHF rose by 20 pips to $1.9150.

AUD/USD spiked to $0.9387 before falling to $0.9350. Aussie declined on the dovish comments from the RBA. NZD/USD spiked to $0.8355 before going down to test levels below $0.8300. USD/CAD added 30 pips from 1.0440. Canada will release trade balance at 13:30 GMT.

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