Aussie Falls on Soft Jobs & Euro Calms Ahead of ECB

November 7, 2013

Currency markets were calm during the Asian session, with most currency pairs consolidating as markets await key policy decisions by two major central banks today.

The European Central Bank will be holding its monthly policy meeting today, and investors are keen to see if the central bank will be lowering interest rates. There were some expectations of this recently due to deflationary concerns in the Eurozone, however, strong economic data from Germany on Wednesday may make the ECB put off more easing till later.

The euro was little changed against the dollar in the Asian trading session, and remained support above the key $1.3500 level. It was also steady against the yen, ending up 0.06% at 133.37.

The pound will also be in focus today since the Bank of England will be holding its policy meeting today. Expectations are for rates to remain at 0.50 percent and the asset purchase program also unchanged. Sterling ended the session at $1.6077.

The US dollar was steady against the yen, ending at 98.63 as markets will focus on US data later today. GDP as well as jobless claims will be released. Meanwhile, the all-important nonfarm payrolls report will be released on Friday.

The Australia dollar was the biggest mover in the Asian session, losing 0.5 percent against the US dollar after weak Australian jobs data. AUDUSD fell to as low as $0.9464.

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