Acetrader-Daily Market Outlook 18-11-2010

Acetrader-Daily Market Outlook 18-11-2010

Market Review - 17/11/2010 23:12 GMT

Euro rises on weak U.S. inflation and housing data

The single currency ratcheted higher on Wednesday as less-than-expected rise in U.S. CPI and weaker-than-expected housing starts gave support to U.S. Fed's quantitative easing.

Euro edged higher in Asia on short-covering and climbed to 1.3527 in European session. Later, despite euro's brief retreat to 1.3460, buying interest emerged there and the release of less-than-expected rise in U.S. CPI and weaker-than-expected housing starts lifted price higher (U.S. CPI core came in at 0.6% y/y for October, the smallest gain since 1958 while U.S. housing start came in at -11.7% versus the previous reading of 0.3%). Euro eventually rose to 1.3566 in NY mid-day before retreating.

Versus the Japanese yen, the greenback edged higher due to safe-haven demand on speculation of a fresh round of monetary tightening by the Chinese authorities to ease inflationary pressures and climbed to 83.55 in European morning. However, selling interest emerged and dollar retreated to 83.03 in NY morning before staging a recovery.

The British pound traded sideways in Asia following Tuesday's selloff from 1.6087 to 1.5840 and rose to 1.5937 in Europe after the release of a surprise drop in U.K. jobless claim (which came in at -3.7k for October, versus the forecast of +6.0k). Cable later rose to 1.5948 in NY mid-day before retreating.

Economic data to be released on Thursday include:

Swiss ZEW index , Trade balance (chf), EU Current account (euro), U.K. PSNCR, PS net borrowing , Retail sales,, CBI industrial trend, U.S. Jobless claims, Leading indicators Philadelphia Fed survey, Canada Leading indicators, Wholesale sales.

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