Posted on: 01 December 2015, by: Pepperstone Support, category: Market Review
Big news of the day was that the IMF officially welcomed China for SDR with a slightly less than expected weighting of 10.92%.
Saw mixed data points during the day’s session. First we had German retail sales come in lower than expected for the 3rd consecutive month (2.1% vs 2.9 exp). German inflation rose, inline with expectations for Novemeber at 0.1% MoM
US data was largely ignored; pending home sale increased by 0.2$ MoM in October versus expectations of a 1% rise. Chicago PMI fell to 48.7 in November missing forecasts at 54.0.
Month end rebalancing along with heavy event risk this week led to mixed price action. NZD and AUD led its peers. NZD still remains capped by .6600 while AUD tested .7250 ahead of the RBA meeting.
Cable traded below 1.50 for the first time since April as the NY session began before trading back up to 1.5060 while EUR chopped around a bit holding above support at 1.0550.