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Late NY dollar demand continued through.......>

FOREX
MNI (London)
FOREX: Late NY dollar demand continued through Asia and into early Europe as
market reacted to comments that prospective Fed Chair candidate Taylor had a
good reception with Trump. Taylor seen on the hawkish side. Trump due to meet
present Fed Chair Yellen Thursday. This dollar demand, along with ongoing
political concerns in Spain, weighed on the euro through Asia, took Eur/Usd to
an extended low of $1.1775(further extending the pullback from the $1.1875 react
high on US CPI release Oct13). Europe added to this downside pressure taking
rate to an intraday low of $1.1755 with recovery efforts capped at that Asian
low. Sterling provided main focus in Europe, the pound picked up decent demand
ahead of UK CPI data release which allowed cable to recover to $1.3286. CPI data
came in as forecast, cable was sold down to $1.3257 in initial react but pared
losses quickly. Dovish comments from new BOE MPC Members Ramsden and Tenreyro
eased cable back to $1.3250 late morning. Usd/Jpy remained stuck in recognizable
range which left Eur/Jpy to track Eur/Usd moves. Aud eased in early Europe as it
tracked gold lower but recovered on back of Eur/Aud sell off. Little reaction
seen on Germany ZEW and EZ CPI confirmation data.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
Energy BulletsCommodities

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