- Australian Q3 GDP +2.5% YoY
- UK shop price inflation at lowest level in a year
- UK economy: Pace of job losses accelerating
- Chinese commerce ministry warns that exports will struggle in 2012
- Regional stockmarkets +1% on average
- Gold $1732/oz, Oil $101.50/bbl
Another quiet session in Asia with EUR/USD opening around 1.3400 for the third day in a row. Interest was muted and there were no stop-loss orders close to the market to get dealers excited.
EUR/USD has edged higher through the session, albeit very slowly indeed, and the reason behind the buying seems to be that ‘no news is good news’ and might force shorts into covering. Louder noise about possible SNB action in the EUR/CHF has also supported the EUR. Flows have been virtually non-existent, with the market waiting on the ECB tomorrow and the summit on Friday. Ranges: 1.3396/1.3426
AUD/USD picked up a mild bid-tone after the decent GDP data, but the downbeat comments from the Chinese commerce ministry helped dull any bullish momentum. Ranges: 1.0225/75
USD/JPY had it’s usual tight range, 77.60/79. Cable 1.5593/1.5615; USD/CHF .9244/64.
