Europe Summary and Highlights 29 October

European morning session

USD/JPY gained 40 pips through the European morning, while the USD was mixed elsewhere, with GBP, CAD and AUD slightly firmer and EUR/USD slightly softer. USD/CHF also gained 20 pips to 0.8670. The NOK was the best performer through the session, with EUR/NOK dropping 7 figures to 11.83. EUR/SEK was marginally firmer at 11.52 after weaker than expected Q3 Swedish GDP data which showed a 0.1% decline on the quarter and the year.

Other data saw a slight improvement in the Gfk German consumer climate index to its best level since April 2022. UK money data was mixed with M4 growth stronger than expected at 0.6% m/m, but consumer credit and, mortgage lending both weaker on the month. 

In the face of JPY weakness, Japan's Finance Minister Katsunobu Kato reiterated on Tuesday that the authorities would be vigilant to foreign exchange moves, including those driven by speculators.