Forex Analysis
EUR Mid-day Analysis
Lukewarm inflation levels may be catching up to the Euro this morning, which continues to pull back fromWednesday’s failed retest of the 138.00 level. German Wholesale Prices showed improvement from their previousreading but
CHF Mid-day Analysis
Weaker than expected Swiss PPI data has added further pressure to the Swiss Franc this morning,which is finding little in the way of fresh safe-haven support from today’s risk averse mood in global markets.
JPY Mid-day Analysis
In spite of a noticeable increase in global risk aversion this morning, the Yen continues to find little benefitas prices drove further into new low ground before making a moderate recovery this morning.
USD Mid-day Analysis
Although it has pulled back from the overnight highs, the Dollar has managed to hold onto a sizableportion of Thursday’s recovery rally heading into the final session of the week.
Central European Daily
Last NBH’s base rate cut in the cards… The National Bank of Hungary will keep last rate decision meeting in 2013 on 17 December.
The Global Macro Pulse
Asian FX mostly traded weaker, The INR reacted to poor CPI and IP data overnight, weakening 0.5% to 62.127. USDPHP rose 0.3% to 44.21, and USDMYR traded above 3.23 figures.
FX Daily
ECB Vice President Vito Constancio, ECB chief economist Peter Praet and ECB board member Bernoit Coeuré are all scheduled to speak today. It will be interesting to hear if they have anything to say about
EUR/USD Analysis
Closed in NY Thursday at $1.3752 after rate corrected back from an early intraday high of $1.3803 to $1.3737, the move given added weight by the release of strong US retail sales data.
GBP/USD Analysis
The pair closed in NY Thursday at $1.6351 after rate had failed to build on its earlier gains to $1.6418, with the corrective pullback, prompted by stronger than forecast US retail sales,
USD/JPY Analysis
The pair opened at Y103.39 in Asia and euro-yen started at Y142.18 near session lows of Y103.36 and Y142.14, both edged higher to hit temporary highs of Y103.67 and Y142.52.
USDJPY – bullish consolidation marking time ahead of 104.60
Tuesday’s cycle day & momentum divergence at the high posted a minor high in JPY. The sell-off from the high was not impulsive and promotes our argument that prices are undergoing another bullish correction.
EUR Mid-day Analysis
Given the potential headwinds from this morning’s Euro zone economic data, the Euro is holding up fairlywell by showing moderate losses early this morning.