North American Summary and Highlights 13 November
Overview - The USD maintained a firm tone with PPI data not easing inflation worries much.
North American session
October PPI came in slightly lower than expected at 0.3%, with a matching rise ex food and energy that was on consensus. However ex food, energy and trade the data remained firm with a rise of 0.5%. USD/JPY was marginally softer however, unable to hold above 160. EUR/USD slipped to near 1.1020 from 1.1060. EUR/GBP was slightly weaker and EUR/CHF came off its European highs. USD/CAD saw a dip to 1.4230 before rebounding to 1.4270. AUD/USD was slightly weaker near .6780.
European session
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.
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.