London Session Recap – December 11, 2013

  • Currencies unfazed by U.S. budget deal
  • Greece September unemployment rate rises to 27.4% vs. 27.3% last month
  • France’s current account deficit at -2.1B EUR/ vs. -3.6B EUR previous
  • Germany’s final CPI at 0.2% as expected

It was a mixed trading session for the major currencies as there were no major reports to move them around. USD/CHF and EUR/USD traded on tight ranges while the yen crosses continued to slide across the board. GBP/USD was also a target for the bears as it slid all the way to the 1.6380 area.

The London session isn’t completely without economic reports. We saw weak Greek jobs numbers, slightly better-than-expected French current account reports, and Germany’s inflation data that turned out to be a non-event. Even the U.S. policymakers’ budget deal failed to inspire volatility. Instead, the markets focused on the Asian equities’ performance and the unwinding of some yen cross trades.

Let’s see if the U.S. session can reverse the intraday trend. At 4:00 pm GMT Treasury Secretary Jack Lew is due to give a speech, which will be followed by the Federal budget balance report at 8:00 pm GMT. Last but not the least, the big RBNZ interest rate statement is due for release at 9:00 pm GMT. Will the RBNZ maintain its hawkish bias for 2014? Don’t even think of missing this one!

See also:

Asian Session Recap

U.S. Session Recap

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