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  • Euro Jumps Ahead Of ECB Policy Meeting 1 comment
    Nov 7, 2013 9:54 AM

    Euro Jumps Ahead of ECB Policy Meeting

    Euro (EUR)

    The single currency continued its rally against most of its major counterparts, helped by strong German economic data. Binary options prices were up all along the time curve. Services output in Europe rose faster than expected, raising speculations that ECB won't slash interest rates on later Thursday. Some analysts had indicated that the central bank may cut rates to bolster the economy after inflation plunged to 0.7%, well below ECB's target of 2%.

    Analysts polled by Bloomberg expect the central bank to leave interest rates unchanged. But Bank of America predicts the European Central Bank to cut borrowing rates by 25 basis points. Eurozone economy is expected to contract 0.3% this year before returning to growth territory in 2014.

    Euro changed hands at 1.3524 versus the dollar, up 0.07%. Against the yen, it was almost unchanged at 133.33.

    Dollar (NYSEARCA:USD)

    The greenback plunged from near seven-week highs and forex signals pointed lower ahead of the crucial GDP data. Analysts expect the report to show a slowdown in the U.S. GDP growth last quarter. Analysts polled by Bloomberg said U.S. economy grew at 2% in the third quarter, lower than 2.5% growth in the second quarter. Nonfarm payrolls are expected to have risen 120,000 in October after gaining 148,000 in September. Labor Department will report the official nonfarm payrolls data tomorrow.

    Against the yen, the dollar was down 0.1% to 98.64. The greenback fell 0.02% against the pound to 1.6079.

    Pound (GBP)

    British pound rallied for the third consecutive day versus the greenback after official data showed that industrial output in the country in September was better than economists expected. Against the euro, it reached near five-week high after Halifax data that British home prices increased for the ninth consecutive month in October.

    British industrial production rose 0.9% in September, compared to a 1.1% decline in August, the Office of National Statistics said. Analysts were expecting a growth of 0.6%. According to Halifax, house prices rose 0.7% in October.

    Economists expect the Bank of England to revise its full year GDP growth outlook from 1.3% to 1.6%. Sterling inched up 0.02% against the dollar to 1.6079. Against the euro, it changed hands at 84.11 pence, after briefly rising to 83.79, the highest level since October 3.

    Australian Dollar (NYSEARCA:AUD)

    The Aussie tumbled against all its major counterparts after disappointing employment data. The government report showed that Australian economy added 1,100 new jobs in October, compared to the consensus estimate of 10,000 jobs. Nomura analyst Martin Whetton said he expected employment to remain weak and the jobless rate to increase in coming months.

    Poor jobs data prompted an immediate sell off in Australian dollar. The Aussie fell 0.48% against the U.S. dollar to 0.9476.

    Among other currencies, Indian rupee fell to a five week low of 62.58 versus the greenback on lukewarm domestic equities. South Korean won rose to a one-week high ahead of the U.S. economic data that will give further clues about when the U.S. central bank will start pulling back its monetary stimulus. The won rose 0.1% to 1,059.68 versus the dollar. It has gained 5.5% since August.

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