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Consolidative Tone in FX Ahead of Key Events and Data
A consolidative tone is emerging in the foreign exchange market as the week's key events begin tomorrow: UK budget, eurozone and US Q3 GDP, and the US ADP private sector jobs estimate, and quarterly refunding. Outside of the Norwegian krone, which is up nearly 0.5%, the other G10 currencies are largely +/- 0.1%. The yen, Swiss franc, and antipodeans are trading with a slightly heavier bias. Among emerging market currencies, most from the Asia Pacific area, but the Thai baht are lower, while central European currencies are mostly firmer. The Mexican peso's 0.3% gain puts it on top of the emerging market currencies, ... (full story)