Asian Session – US dollar flat ahead of US employment report
November 8, 2013 8:29 am
The dollar’s moves were modest during today’s Asian session, as the market digested yesterday’s ECB quarter-point interest rate cut and looked ahead to the crucial non-farm payrolls report with some apprehension.
The dollar managed to recoup some of its losses against the euro that occurred during the US session. The euro fell 0.10% to trade at 1.3405. Following the ECB move, the market has still not settled on the appropriate level that the euro should be trading, causing some volatility and sharp moves.
Against the yen, the dollar was flat at 98.09 and it was marginally stronger against sterling at 1.6093.
The euro was down 0.08% against the yen, following heavy losses during the US session as equities around the world sold off and investors liquidated risk assets.
In economic data, Chinese trade data for October was overall positive. Export growth year-on-year climbed to 5.6% versus 3.2% expected. September’s annual export growth posted a surprise negative print, so it was a welcome comeback for the Chinese export machine.
Import growth missed expectations, coming in at 7.6% versus 8.5% expected, showing perhaps some weakness in Chinese domestic demand.
The Australian dollar chalked up gains of 0.18% against the dollar to trade at 0.9470, unable to maintain the even stronger gains it made on the back of the strong Chinese trade data.
The dollar’s moves were modest during today’s Asian session, as the market digested yesterday’s ECB quarter-point interest rate cut and looked ahead to the crucial non-farm payrolls report with some apprehension.
The dollar managed to recoup some of its losses against the euro that occurred during the US session. The euro fell 0.10% to trade at 1.3405. Following the ECB move, the market has still not settled on the appropriate level that the euro should be trading, causing some volatility and sharp moves.
Against the yen, the dollar was flat at 98.09 and it was marginally stronger against sterling at 1.6093.
The euro was down 0.08% against the yen, following heavy losses during the US session as equities around the world sold off and investors liquidated risk assets.
In economic data, Chinese trade data for October was overall positive. Export growth year-on-year climbed to 5.6% versus 3.2% expected. September’s annual export growth posted a surprise negative print, so it was a welcome comeback for the Chinese export machine.
Import growth missed expectations, coming in at 7.6% versus 8.5% expected, showing perhaps some weakness in Chinese domestic demand.
The Australian dollar chalked up gains of 0.18% against the dollar to trade at 0.9470, unable to maintain the even stronger gains it made on the back of the strong Chinese trade data.
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