London Session Recap – November 25, 2013

  • ECB’s Hansson hints at more interest rate cuts
  • Switzerland’s employment level at 4.20M vs. 4.19M expected
  • U.K. BBA mortgage approvals falls from 43,182 to 42,808 in October
  • Germany’s DAX hits all-time high above 9300

The early London session trading saw a bit of profit-taking in the European currency pairs as EUR/USD was dragged to its 1.3500 support by ECB’s Hansson’s comments about more interest rate cuts. Cable also dipped below 1.6200 at the release of a disappointing BBA mortgage approvals data. Even USD/JPY saw profit-taking right before it hit the 102.00 psychological handle.

The comdolls also got a breather as overall risk appetite supported demand for the higher-yielding currencies. AUD/USD bounced at the .9120 area, USD/CAD encountered resistance right below 1.0600, and NZD/USD is now trading just above .8200.

Only the U.S. pending home sales at 4:00 pm GMT, SNB Chairman Jordan’s speech at 5:30 pm GMT, and RBA Deputy Governor Lowe’s speech at 11:15 pm GMT are left on the docket today. Will we see a strong U.S. report that would push USD/JPY firmly above 102.00? How about more jawboning from the central bankers? Don’t even think of missing these reports!

See also:

Asian Session Recap

U.S. Session Recap

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