#IronFX Midday Commentary by Marshall Gittler A flurry of data this morning left the #FX market fairly becalmed nonetheless. Most #currencies were within 0.1% of their opening levels vs USD. The exceptions were #CHF on the upside and SEK and NZD in the downside. CHF gained after Q3 Swiss #GDP beat market estimates, rising +0.5% qoq vs +0.4% expected (Q2 = +0.5% as well). I expect CHF can gain further vs USD as EUR/CHF is floored, so if EUR moves up vs USD, then CHF will naturally be dragged along as well. SEK fell after October retail sales came in unchanged from September, disappointing market expectations of a 0.4% rise. Modest #deflation in the country gives the Riksbank plenty of room to keep rates low, so any sign of weakness in the economy is bound to pressure the currency. NZD continued to weaken on technical issues. EUR strengthened about 20 pips when the #CPI for Saxony came out higher than anticipated, suggesting that the overall German CPI coming out later today might also show a pick-up in the pace of inflation that would take some pressure off the #ECB to ease. Join us! bit.ly/1aqAsOw
Posted on: Thu, 28 Nov 2013 11:50:21 +0000
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