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Forex: AUD/USD Fell to 0.7210 on Weak Capex. Euro Trades in a Narrow Range at 1.0600.

Posted by Chris Advincula on Nov 26, 2015 7:41:47 AM


AUDUSD: Australia's 3rd quarter CAPEX report fell to a record -9.2% versus the -3.0% forecast and sent the australian dollar falling sharply from the intraday high of 0.7263 to 0.7217 (- pips) in the prior Asian session. Immediate short covering pullback to 0.7245 with the recovery of the commodities market. However, Europe sold the aussie once again to 0.7210 in a very subdued market with the U.S. Holiday.



EURUSD: The euro traded in a narrow 22 pip range in Europe High 1.0622 Low 1.0600 biased to the lower side with the market being subdued in the absence of the American particpants away for the Thanksgiving Holiday. The ECB meets on Dec 3 with increasing speculation of an ECB easing in the horizon. Last week, the ECB President Draghi reiterated that they will do what it must to beat deflation.



GBPUSD: The pound came off from the intraday high of 1.5130 to 1.5065 (-65 pips) where it was pushed lower by the firmness of the US dollar and month-end demand buying of the euro versus sterling. EURGBP rose 27 pips to the high of 0.7045 from 0.7018 in Europe amid a thin and subdued U.S. Thanksgiving Holiday market. In London, UK Prime Minister Cameron says it's time to join the air strikes in Syria. The House of Commons debates over Cameron's proposal to join the air stikes against the ISIS militants.



USDJPY: The Japanese yen made small gains following the news that Prime Minister Abe commits to larger corporate tax cuts for the next fiscal year, in order to give their economy a fiscal boost that has fallen recently back into recession. BOJ's Shirai emphasized the importance of sustained wage hikes to fight Japan's deep rooted deflation. Dollar yen came off to 122.50 from 122.70 (-20 pips) in a very tight subdued range in Europe, where liquidity will soon dry up as the quiet day unfolds in the absence of the American participants.


Charts provided by WorldWideMarkets Alpha Trader


Topics: $USDJPY, GBPUSD, EURUSD, AUDUSD, European Session, Forex Fundamentals


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