- Fed official Bullard hints that strong job gains could lead to a taper
- Fed official Fisher reminds that rates will stay low even after a reduction of bond purchases
- Japanese tertiary industry activity report prints surprise 0.7% decline
- Japan’s BSI manufacturing index down from 15.2 to 9.7
- Australian NAB business confidence fell from 6 to 5 in November
Mixed reviews from Federal Reserve officials are mostly to blame for the Greenback’s lack of direction in the latest U.S. session, as the currency packed gains against the yen and comdolls but lost ground to the euro and the pound. Fed official Bullard mentioned that the central bank might taper a small amount of stimulus because of the strong gains in employment, but Fisher pointed out that interest rates are likely to stay low even after the quantitative easing program is reduced.
Earlier today, Japan released a few economic reports which showed weaker than expected results, sparking a yen selloff. The tertiary industry activity report printed a surprise 0.7% decline instead of the estimated 0.3% uptick while the BSI manufacturing index slipped from 15.2 to 9.7, disappointing analysts who projected an improvement to 17.2.
The Australian dollar could be under selling pressure for the rest of the Asian trading session, as the Land Down Under reported a decline in business confidence and a weaker than expected increase in home loans. However, this might depend on the outcome of Chinese economic data (industrial production, retail sales, and fixed asset investment) set for release starting 6:30 am GMT.
Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.
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