North American Summary and Highlights 18 Nov
Overview - Equities remained under pressure but the pressure faded in the US afternoon, leaving mixed FX results.
North American session
Pressure on equites persisted, if fading somewhat later in the session. USD/JPY came close to 155.70 before correcting to near 155.50. EUR/USD found sellers above 1.16, but found a base near 1.1575. EUR/GBP was weaker near .8805 but EUR/CHF firmer near .9260. The commodity currencies advanced, USD/CAD falling below 1.40 and AUD/USD moving above .65.
Trump suggested he could be close to a decision on Fed Chair. US data showed November’s NAHB homebuilders’ index up to 38 from 37 and a 1.4% increase in the delayed August factory orders report.
European morning session
Then USD was mixed through the European morning, making some gains against the European currencies and the JPY, but falling back against the commodity currencies, reflecting a mild risk positive tone as equities edged back up after overnight losses. The JPY and CHF saw the most significant weakness, with USD/JPY making another new post-February high above 155.40 after initially dipping below 155, and EUR/CHF trading to 0.9235 after opening at 0.9210. EUR/USD lost 20 pips to 1.1580.