Nov. 13: market news

November 12, 2013

EUR/USD breached short-term triangle to the upside and is now trading below resistance at $1.3450. Euro’s advance is limited ahead of the upcoming data releases which may show that the euro zone’s economy is in a bad state and strengthen speculation the European Central Bank will take more measures after a rate cut last week. Watch the euro zone’s industrial production figures at 10:00 GMT (forecast: -0.2%; previous: 1.0%). Bundesbank President Weidmann will speak at 12:10 GMT.

GBP/USD is consolidating just below $1.5900. Pound declined yesterday on lower inflation data. Today markets are waiting for UK employment dta at 09:30 GMT and the Bank of England's Inflation Report and Mark Carney’s speech at 10:30 GMT. USD/JPY eased from the yesterday’s 6-week high of 99.80 to 99.50. USD/CHF is trading a bit on the downside, around 0.9170.

NZD/USD has recovered to $0.8230 after a dip to $0.8170 in the late US trade. The RBNZ Governor Wheeler said today a strong NZ currency poses a risk for the economy, but the bank is likely to start raising rates next year. AUD/USD is consolidating in a tight $0.9290/9310 range after having dipped to $0.9270 yesterday. China stock market is down as the Communist Party meeting communiqué lacked any important details. USD/CAD is trading below resistance at 1.0500.  

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