- Gold adds another 1% amid reports that India is set to buy more gold from the IMF
- RBA gives another very bullish assessment of the Australian economy
- Australian skilled vacancies +2.4% in October
- Australia Q3 construction work +2.2%, QoQ
- Japan October trade balance +800 billion JPY
- US lowers duties on Chinese steel pipes
- Vietnam devalues Dong, raises interest rates by 1%
A bullish session for the AUD began with the very strong economic assessment from the RBA. Further strong economic data releases and the lack of any significant AUD/JPY selling out of Tokyo, has seen the AUD/USD rise steadily throughout the day. The rising gold price has of course helped. Range: .9189/.9264
USD/JPY rose in early trade but has drifted lower with USD selling again very much in ascendance on all markets. USD/Asia fell significantly, especially against the MYR and INR, and this has weighed on USD/JPY. Semi-official bids are expected around 88.00. Range USD/JPY 88.21/64, EUR/JPY 132.03/65.
EUR/USD has been very well bid all day and is very steady on session highs just below 1.5000. Some talk of Sovereign offers above the figure mixed in with the usual batch of profit-taking and trailing stops. Range: 1.4958/98.
Cable has been quiet in at 1.6578/1.6620 range with no major related news announcements.
Markets: Nikkei +0.2, HK -0.2, Kospi flat. Oil +0.25 at $76.25. Gold +1% to $1179/oz