Domestic drivers are dominating FX movement ahead of the dual NA employment releases, with AUD & EUR weaken-ing, respectively, on the back of the Statement on Monetary Policy and the German Constitutional Court’s referral of the OMT (ECB bond buying programme) to the European Court of Justice. NOK is outperforming as a result of stronger industrial production figures, while the weakening in equivalent data from Sweden drive a decline in SEK. Meanwhile, JPY is weakening on a modest rise in risk appetite given the modest move-ment in both equity futures and US 10s. CAD is flat, while GBP is moder-ately stronger as improved trade figures have offset disappointing indus-trial production data.
Read the full report: FX Daily
Scotiabank