Europe Summary and Highlights 13 Nov

Rather quiet, though USD/CHF has still been the pair finding the going the easiest on the back of the post CPI yield driven action. The pair though is itself running into its version of an obvious and more important level already seen on other pairs – in its case the early and mid Oct highs of just below 0.84.

Focus turns to PPI data next, given the current attention on inflation-pressures, and while firm numbers may continue to support, much of the ‘damage’ has already been done by the CPI prints.

USD/JPY remains below 160 amid ongoing renewed verbals (FinMin Katayama getting in on the act).

AUD/USD on the other side also remains trend-down after taking out support, this even as Nasdaq actually holds up even with the negative sentiment. Instead, that being seen in the likes of copper which maybe does ask some questions of how well wider risk does shrug off the current mood.