1-Dec: Dollar retreated slightly as market was waiting on sidelines ahead of an eventful week.
2-Dec: Strong US housing data started a downward trajectory for the greenback for the whole of the week. Was it a sign of boost in risk sentiment or market selling the dollar to take some gains?
3-Dec: Disappointing non-farm payrolls and higher than expected unemployment rate (9.8%) in US had market questioning the US fundamentals again. Down the dollar goes.
At the same time as US economy shows signs of vulnerability, the commodity markets are roaring. Risk sentiment at work again? Anyway, gold resumed its rally to reach another record high near 1430; crude oil breaks through 90 pyschological level.
So far this week, as I'm writing this, fx markets are generally stable. There are news about imminent rate hike by China this coming weekend and talk about QE3 but market does not react strongly. Recent EU finance ministers meeting did not arrive at any new decisions.
Market in brief:
Source: Bloomberg
GMT | Ccy | Events | Actual | Consensus | Previous | Revised |
GBP | BRC Retail Sales Monitor Nov | 0.70% | -- | 2.40% | ||
AUD | RBA Rate Decision Dec | 4.75% | 4.75% | 4.75% | ||
JPY | Leading Index Oct P | 97.2 | 97.3 | 98.6 | ||
CHF | Unemployment Rate Nov | 3.60% | 3.60% | 3.60% | ||
GBP | Industrial Production M/M Oct | -0.20% | 0.30% | 0.40% | ||
GBP | Industrial Production Y/Y Oct | 3.30% | 3.90% | 3.80% | ||
GBP | Manufacturing Production M/M Oct | 0.60% | 0.30% | 0.10% | 0.20% | |
GBP | Manufacturing Production Y/Y Oct | 5.80% | 5.40% | 4.80% | 4.90% | |
EUR | German Factory Orders M/M Oct | 1.60% | 1.90% | -4.00% | ||
CAD | BoC Rate Decision Dec | 1.00% | 1.00% | 1.00% | ||
-- | GBP | NIESR GDP Estimate Nov | -- | 0.50% |
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