North American Summary and Highlights 13 Nov
Overview - The USD was mostly weaker but stronger against the commodity currencies as equities weakened.
North American session
The USD extended European losses early in the session before finding a base, EUR/USD rising to 1.1640 from 1.1615 and USD/JPY falling to 154.50 from 154.65, though these were off the USD lows. EUR/GBP slipped to .8820 from .8830 and EUR/CHF fell to .9225 from .9240.
Fed talk saw Daly balanced but Musalem and Hammack hawkish. The main story was however slippage in equites, which saw USD/CAD rising to 1.4035 from 1.40 and AUD/USD falling to .6525 from .6550.
European morning session
Then USD fell back across the board through the European morning. EUR/USD gained 30 pips to 1.1615, while USD/JPY fell 30 pips to 154.65. There were similar gains in most currencies, with the CHF and SEK slightly the best performers, with EUR/CHF down 15 pips to 0.9240 and EUR/SEK losing 3 figures to 10.92. The USD losses came early in the session, but without an obvious trigger.
Datawise, we saw UK September and Q3 GDP come in weaker than expected at -0.1% m/m and +0.1% q/q respectively, but the weakness looks to have been entirely due to the automotive sector, with Jaguar Landrover suffering from a cyberattack. This has now been dealt with so a recovery is likely in October. EUR/GBP initially rise 10 pips to trade above 0.8840 at a new high for the year before dropping back to opening levels at 0.8830.