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Forex: Wednesday’s review
The yen reached a post-World War II high versus the dollar and gained against most of its most-traded counterparts, even as Finance Minister Jun Azumi ordered staffers to be prepared to take action against the currency gains. Bank of Japan officials will discuss more monetary easing.
The pound snapped five days of gains against the dollar as waning confidence in the euro-area and business optimism plunged to the lowest level in 2 1/2 years. The pound was 0.6 percent weaker at $1.5909 and was little changed against the shared currency at 86.92 pence per euro.
EUR/USD: yesterday the pair fell, but restored later.
GBP/USD: yesterday the pair decreased.
USD/JPY: yesterday the pair showed new historical low, but restored later.
In Europe, today sees the German state inflation data, which will be followed by the German flash HICP data for October. EMU data includes the 0800GMT release of September M3 data, which is followed at 0900GMT by the October releases of the business climate indicator and also the economic sentiment survey. US data starts at 1200GMT with the September release of the Building Permits Revision. US data continues at 1230GMT with the weekly Jobless Claims and also Q3 GDP and Chain Price Index data. Initial jobless claims are expected to rise to 405,000 in the October 22 week after falling slightly in the previous week. The advance estimate for third quarter GDP is for a 2.5% rate of growth, up from 1.3% in the previous quarter. While at 1500GMT, the Kansas City Fed Production data is due. Late US data sees the 2030GMT release of M2 Money Supply.
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