Neil Davies, Head of Trading at PlutusFX, takes a look at key currencies.
EUR/USD 1.248 – German CPI year on year comes in at 0.6%, down from 0.8% in October, the unemployment rate stays steady at 6.6%
AUD/USD 0.856 – Deputy Governor of the Reserve Bank of Australia expresses concerns that the overvalued Aussie is proving counterproductive to efforts to rebalance the Australian Economy away from mining.
GBP/USD 1.575 – UK business investment falls in the third quarter, 0.7% lower in Q3 from Q2. US economy grows faster than expected in the third quarter.
EUR/CHF 1.202 – On Sunday the Swiss go to the polls to decide whether the Swiss National Bank should refrain from selling any more gold and should rather boost its gold holdings up from 7% to 20% of reserves.
USD/SGD 1.25 – The Singapore dollar remains unchanged as industrial production expands by 0.2% year on year.
USD/BRL 2.505 – Brazil continues to be hit by corruption scandals. Probes into Petroleo Brasileiro spread to Brazil’s biggest builders, delaying infrastructure projects across Brazil, threatening both the 2016 Olympic Games and President Dilma Rousseff.
USD/BTC 371.48- After hitting the headlines the value of the bitcoin has trailed off this year, down from over $900 in January. It is occasionally cited that Gold has no intrinsic value. If that is the case, what can be said of ‘virtual’ currencies?
USD/ZAR 10.96- The Rand firms against the USD as the latest data showed the strongest South African quarterly growth since late last year, with business confidence also growing. Poor US data assists.
