Currency Analyst since 2010

Nov. 29: Asian session

EUR/USD is trading above $1.3600. So far euro set high at $1.3621. Euro kept strengthening as investors pared bets for additional easing by the ECB ahead of the region’s inflation data due today at 10:00 GMT. The euro area’s unemployment rate will also be released at this time, while earlier we’ll hear of German retail sales at 07:00 GMT and French consumer spending at 07:45 GMT. A report released yesterday showed consumer prices in Germany, Europe’s largest economy, accelerated more than expected. No data out of the US today.

GBP/USD reached $1.6374, the highest level since August 2011. The pair’s rising for the fourth day as the Bank of England’s Governor Mark Carney said the central bank will end incentives for mortgage lending to head off threats to financial stability from the housing market. Nationwide HPI is due at 07:00 today. 

Yen selling continues as risk-appetite remains strong. USD/JPY pushed to a new high of 102.60 today, but met resistance and eased to 102.20 as of writing. EUR/JPY has hit a fresh 5-year low at 139.70. Japan published a large block of mixed statistics in the Asian session: consumer inflation indices came above the forecasts, but the industrial production unemployment rate and consumer confidence disappointed to the downside. USD/CHF is trading in the 0.9050 area after it declined by 20 pips yesterday.

AUD/USD dipped to a fresh 2.5-month low at $0.9055 before recovering some ground to $0.9090. AUD weakened on the news that Australia blocked a $2.7 billion bid by US agribusiness company Archer Daniels Midland. The deal could have provided more capital to boost the sector. Another bad news for the Aussie was that the mining giant Rio Tinto had closed its loss-making aluminum refinery where 1,500 people are employed. NZD/USD has also recovered back above the $0.8100 mark after having dipped to $0.8083. New Zealand building permits in October fell by 0.6% m/m (vs. expected +1.7%). USD/CAD once again rose to the 1.0600 handle. Canadian dollar fell after the country’s current account deficit narrowed less than expected in Q3, signaling export growth remains subdued. Canada will publish Sept. GDP at 13:30 GMT.

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