ORBEX | Sep 16, 2014 07:42AM ET
Fundamental Currency Analysis
USD: The US dollar index is currently down -0.0100 or -0.010 to 84.2540 after opening at 84.2390 in the Asian session earlier today. The Greenback continues consolidating after its previous gains and ahead of Wednesday’s FOMC Meeting. U.S. economic numbers to be released later today will be PPI (+0.1%), Core PPI (+0.1%) and TIC Long Term Purchases (+24.3B).
EUR: The euro is trading steady to slightly lower against the U.S. dollar in Asia today after yesterday’s selloff. Economic data for the Eurozone expected later today will be German ZEW Economic Sentiment (5.2) and Eurozone ZEW Economic Sentiment (21.3).
GBP: Sterling continues its decline against the U.S. dollar in the Asian session today. UK numbers expected later include CPI (1.5%), PPI Input (+0.1%) and RPI (+2.5%).
JPY: The Japanese yen is trading lower against the U.S. dollar in Asia today after BOJ Governor Haruhiko Kuroda spoke at a press conference in Osaka earlier. Kuroda reiterated that he would adjust BOJ monetary policy “without hesitation”, and that, “the Bank will continue with quantitative and qualitative easing (QQE), aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner”.
CHF: The Swiss Franc is trading steady against the U.S. dollar today in the Asian session, with no important economic releases expected out of Switzerland until Wednesday.
AUD: The Aussie is trading lower today against the U.S. dollar in the wake of the RBA’s Monetary Policy Meeting Minutes for the September 2nd meeting out earlier today. The central bank reiterated its stance on keeping the benchmark Cash Rate at 2.5% and expressed concern over speculation in the housing market. The minutes also stated that, “the exchange rate remained above most estimates of its fundamental value, particularly given the declines in key commodity prices and, overall, had offered less assistance to date than would normally be expected in achieving balanced growth in the economy.”
CAD: The Loonie is trading lower against the U.S. dollar in Asia today, with Manufacturing Production (+1.1%), as well as a speech by BOC Governor Stephen Poloz at the Drummondville Economic Development Society, scheduled for later today.
NZD: The Kiwi is trading lower against the Greenback today, with the New Zealand Current Account (-1.04B) set to be released later in the day.
Highlighted Chart of the Day: USD/CHF
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