Oct. 16: US negotiations continue

October 16, 2013

EUR/USD is trading on the downside around $1.3515. Yesterday euro tested $1.3947, but then bounced due to no resolution to US budget and fiscal issues and managed to close above $1.3500. Senate Democrats and Republicans must now reach a final agreement and persuade House Speaker John Boener to allow a vote that would pass largely with Democratic support. The single currency dropped today before a report forecast to confirm the slowest price gains in more than 3 years (09:00 GMT). The ECB’s President Mario Draghi will speak today at 18:00 GMT. GBP/USD declined by about 25 points below $1.6000. Britain will release unemployment data at 08:30 GMT.

USD/JPY remains volatile. On Wednesday the pair has recovered above 98.50 after the yesterday’s dip to 98.00 as the US Senate resumed talks to avoid a default. Nikkei 225 is trading on the positive zone. USD/CHF rose to 0.9150, but is still below yesterday’s high at 0.9177. Watch Swiss ZEW economic expectations at 09:00 GMT.

AUD/USD is calmly trading around $0.9520. Aussie remains supported at $0.9500 and capped by the yesterday’s high of $0.9560. NZD/USD has strengthened to $0.8405. New Zealand CPI for Q3 came a bit above the forecast (+0.9% q/q vs. expected +0.8%). There are no other releases scheduled for today on the Asian markets, so all eyes are on the US today. USD/CAD is swinging in the 1.0345/65 area.

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