The Week Ends With Little Change to the USD...November 22, 2013 Posted by: Mark Noble
The USD is stable today despite a stronger-than-anticipated German business confidence report for November, signaling to the markets that the economic recovery in Euroland is gaining momentum. JPY continues to weaken against the majors (fourth weekly decline vs. the USD) via the BoJ’s pledge at its policy meeting yesterday to expand its QE program to help encourage inflation. AUD is lower today against the majors amid speculation the RBA will take steps to curb the currency’s strength. CAD is also slightly weaker via a weak inflation report, adding to speculation that RBC may lower rates to support the economy.
• U.S. JOLTS report showed job openings rose 69k in Sept. to 3,913k from 3,844k in Aug.
• Canadian retail sales rose 1.0% in Sept. (consensus @ +0.4%), ex-autos flat (consensus @ +0.3%)
• Canadian CPI slowed to 0.7% y/y in Oct. (consensus @ +0.9%), core @ 1.2%, as expected
• German Nov. Ifo index jumped to 109.3 from 107.4; German Q3 GDP @ 0.3% q/q
• Fed “dove” Lockhart: economy growing at slow pace; taper on table in the Dec-Mar timeframe
• NYMEX crude sank to $94 bbl after rise with gasoline futures on Thurs.
11/25 GBP: Nationwide House PX (Nov.)
11/25 USD: Pending Home Sales Index (Oct.)
11/26 USD: Consumer Confidence (Nov.)
11/26 USD: Housing Starts (Oct.)
11/27 GBP: GDP (Q3)
11/27 USD: Durable Orders (Oct.)
11/28 EUR: Economic, Consumer, Industrial Confidence (Nov.)
11/28 EUR: German Unemployment/CPI Reports (Nov.)
11/29 EUR: CPI (Nov.)
11/29 CAD: GDP (Q3)
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