North American Summary and Highlights 20 Oct
Overview - In a quiet day the USD was mostly slightly firmer.
North American session
It was a quiet session for FX, though equities were firmer and UST yields slightly lower. The USD was slightly firmer, with EUR/USD dipping below 1.1650 and USD/JPY returning to 150.70 after a dip below 150.50. AUD/USD however moved back above .65 to .6515 while USD/CAD was little changed near 1.4035.
Canada’s September IPPI at 0.8% was stronger than expected. The BoC’s Quarterly Business Outlook survey was little changed overall at -2.28 from -2.40 but future sales growth at -2 from 6 was the weakest since Q2 2023.
European morning session
The USD was generally slightly firmer against the riskier currencies through the European morning, with EUR/USD dropping 15 pips to 1.1660 and AUD/USD down around 10 pips to 0.6495. USD/JPY dipped mid-session but finished the morning net little changed near 150.70, and USD/CHF was also net little changed.
There was little news of any significance. Datawise German September PPI was weaker than expected, down 0.1% m/m and 1.7% y/y. The Eurozone current account surplus was lower than expected at EUR11.9bn in August, but none of this had any impact.