Major Overnight Headlines
German Q3 GDP in-line at 0.6% QoQ, intra-Euro Area trade flows a net drag on growth
Euro Area Q3 GDP in-line at 0.1% QoQ as France unexpectedly contracts 0.1%, Italy contracts 0.1%
UK retail sales volume ex-automotive fuel falls 0.6% MoM versus a smaller 0.1% fall expected
USD ‘resilience’ was more relentless than we expected it to be this morning in London in the wake of Yellen’s prepared remarks, released overnight. With the September ‘no taper’ flows in FX having been exhausted some time ago, one possibility is that there is still some residual carry-over to the USD from the October US employment report, which is limiting speculative interest to sell the currency on a number of fronts.
Read the full report: FX Daily
BMO