- Asmussen shuts door on Greek pleas for leniency.
- PM Cameron would veto EU budget “if necessary.”
- RBA Stevens doesn’t comment on economy or policy in remarks to Parliament, or BOE position.
- Lloyds employment confidence index at -49 vs -43. KPMG/REC: Rate of decline in permanent placements eases in September.-MNI
- Australia September overall job ads fell 2.8% m/m from previous revised fall of 2.4% in August.
- New Zealand September house sales fell 6.3% from August, rose 8.0% in September year on year.
- World Bank cuts GDP forecast for China and East Asia & Pacific.
- China HSBC September services PMI rises to 54.3 vs. 52 in August.
- Hugo Chavez wins Venezuelan election.
An assortment of holidays kept the market from creating to much excitement for us tonight as the dollar firmed most of the session. The coming week should give us some clues on what will transpire in Europe as Merkel travels to Greece for the first time since the crisis began and Spanish PM Rajoy travels to Paris for talks with Hollande. Unless it’s for a little wine and cheese tastings in Paris , and Merkel just working on her tan on one of the Greek Isles, we expect quite a bit of jawboning and consolidation to take place.
EUR/USD drifted lower most of the session trading near the lows here at 1.2985/90 after opening highs of 1.3035/40. Some minor support down at 1.2970/75 with resistance above at 1.3050/60.
USD/JPY followed the usual narrow range trading from a high of 78.76 (resistance at 78.85/90) to the lows around 78.50.
AUD/USD continues weak but has found some support at 1.0150 (barrier) but has been unable to break through topside resistance at 1.0180.
Enjoy your Columbus Day and Happy Thanksgiving to all our Canadian friends and families.