Bias to safety fx though specific rankings today have as much to do with specific news items. Strongest: CAD, USD, GBP, in that order, weakest JPY, AUD, EUR in that order. Key fx events thus far: higher UK CPI boosts GBP, higher US bond yields and EU worries bolster USD, weigh on GBP. RBA statement suggests rates to stay steady into 2011 weigh on the AUD. US PPI, TIC are key events coming later. US Dollar Daily Outlook: Up vs. all except slightly lower vs. the CAD, aided by better than expected retail figures (consumer spending is about 70% of GDP) and rising US bond rates that imply rising short term USD rates sooner than expected. The USD is giving up some of its gains vs. the EUR, GBP, and CHF thus far today. Euro Daily Outlook: Down vs. all but the JPY, AUD on assorted concerns about Ireland, Greece, and Portugal. Rising US bond yields also strengthen the USD and thus weaken... Global FX Brief Nov 16: Ireland RBA Statement And Inflation Concerns Dominate...
Bias to safety fx though specific rankings today have as much to do with specific news items. Strongest: CAD, USD, GBP, in that order, weakest JPY, AUD, EUR in that order. Key fx events thus far: higher UK CPI boosts GBP, higher US bond yields and EU worries bolster USD, weigh on GBP. RBA statement suggests rates to stay steady into 2011 weigh on the AUD. US PPI, TIC are key events coming later. US Dollar Daily Outlook: Up vs. all except slightly lower vs. the CAD, aided by better than expected retail figures (consumer spending is about 70% of GDP) and rising US bond rates that imply rising short term USD rates sooner than expected. The USD is giving up some of its gains vs. the EUR, GBP, and CHF thus far today. Euro Daily Outlook: Down vs. all but the JPY, AUD on assorted concerns about Ireland, Greece, and Portugal. Rising US bond yields also strengthen the USD and thus weaken...
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