Europe Summary and Highlights 27 November
The USD edged slightly higher through the European morning, gaining less than 0.1% against the EUR and JPY and about 0.1% against GBP and CHF, which were the weakest currencies on the morning.
European morning session
The USD edged slightly higher through the European morning, gaining less than 0.1% against the EUR and JPY and about 0.1% against GBP and CHF, which were the weakest currencies on the morning. Scandis were the best performers, with both NOK and SEK making small gains against the USD.
There was little news of any significance. Eurozone money and credit data was broadly in line with expectations, while the European Commission survey was mixed, with weaker industrial but stronger services sentiment, while consumer sentiment was steady. The Gfk German consumer climate index for December strengthened modestly. UK yields reversed the decline seen around the Budget yesterday, suggesting a more considered reading led to a less favourable analysis. GBP was slightly softer against the EUR, but still higher than before the Budget.
Asia session
Reuters reported that Japan will boost short-term JGB issuance by ¥7tn to fund stimulus. While it is significant amount of issuance, it seems to be less worrying for market participants as the longer dated JGB will not be touched. USD/JPY is trading 0.36% lower at 155.88.
Regional sentiment is more upbeat on Thursday with Japanese equities leading. USD is trading broadly lower against majors. AUD/USD is trading 0.26% higher at 0.6534, NZD/USD is trading 0.51% higher at 0.5727 following strong post-RBNZ gains while USD/CAD slips 0.08%. Else, EUR/USD is up 0.07% and GBP/USD is up 0.13%.