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The forex trading week saw European majors and investor confidence roiled by a Greek financial tragedy, mixed fundamental data, and thin liquidity all aiding USD strength.
Australia’s 3Q2009 GDP printed 0.2% q/q, half market expectation, and 0.5% y/y. RBA meeting minutes were mixed and hinted of further losses in employment even as 3Q2009 housing starts surged [...]
With the continued widening of the interest rate differential between Australia and Japan, one would expect the currency pair involved to be strengthening toward the AUD side. This has been happening, but it has not been a straight line, as shown on the daily chart, below:
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Markets shrugged off the Dubai World debt crisis and resumed the bull rally, but the better-than-expected U.S. jobs report changed the game, boosting USD while constraining commodities and their currencies. Gold withdrew from historic highs.
The RBA raised interest rates by 25bps to 3.75%. October retail sales rose 0.3% m/m, new home sales declined −0.6%, and [...]
