Euro and pound higher on upbeat data

November 6, 2013

Currency markets are bit more “risk-on” today, although there will be some caution ahead of the European Central Bank and Bank of England policy meetings that are scheduled for Thursday.

There are some market expectations for a dovish ECB tomorrow with perhaps even a rate cut or signal for a cut for December. Meanwhile the BoE is decision is unlikely to contain any surprises, with rates expected to remain unchanged at 0.5 percent.

The euro today remained relatively strong, hovering around the key $1.3500 level. Economic data from the Eurozone helped buoy the single currency, with encouraging numbers on Eurozone Composite PMI. Germany’s higher-than-expected industry orders which had the most impact on the euro, boosting it to a high of $1.3531. EURUSD entered the US session with a 0.3 percent gain from the European session, at $1.3520. A dovish ECB tomorrow would have a negative impact on the euro.

Sterling is up on more upbeat UK data today. Both manufacturing and industrial production data were stronger and beating forecasts. GBPUSD rose 0.3 percent and ended the European session at $1.6091 with a gain of 0.06%. Against the euro, sterling gained 0.07% to end at 0.8400.

The US dollar was little changed against the yen, with USDJPY trading in a narrow range around 98.60 yen. There was no reaction to the release of the Bank of Japan minutes released today for the last BOJ meeting.  Friday’s jobs data will be the main driver for the dollar.

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