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Published: 2024-10-15T20:00:14.000Z

North American Summary and Highlights 15 October

byDave Sloan

Senior Economist , North America
4

Overview - GBP was supported by labor market data but CAD losses on a softer CPI were not sustained. 

North American session

The most significant data release came from a fall in Canadian CPI which saw USD/CAD bounce by 20 pips to 1.3840, but the BoC’s core rates failed to extend their downtrend and the bounce was later reversed and more, with USD/CAD falling below 1.38. The USD was generally slightly firmer on the session with EUR/USD moving back below 1.09 though USD/JPY was little changed around 149.20.  GBP/USD slipped after touching 1.31 but EUR/GBP remained weaker near .8330. 

US data saw a weak Empire State manufacturing index of -11.9 in October following a positive 11.5 reading in October. The New York Fed’s monthly survey showed consumer expectations unchanged at 3.00% for 1-year but with modest increases in the 3-year, to 2.66% from 2.54%, and 5-year, to 2.86% from 2.79%, views. 

European morning session

The USD saw some losses in Europe, led by GBP/USD which rose to near 1.31 from 1.3040, with UK labor market data showing unemployment slipping to 4.0% from 4.1%. Wage growth was slightly slower, but in line with consensus. EUR/USD advanced above 1.09 but EUR/GBP slipped to near .8330 from near .8350. USD/JPY losses bottomed at 148.85 before a move back above 149. The commodity currencies were quiet.  

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