FX Highlights

  • The USD is rebounding from a 15 month low, GBP is weakening pressured by warning from Fitch that the UK credit rating is most at risk, UK economic data continues to show improvement with report of better retail sales and higher house prices, EUR drops as German Zew index posts an unexpected decline, Fitch also warned that Japan's debt rating is at risk because of rising Japanese public debt, Japan's finance minister says that Japan will try to limit bond issuance to ¥44trln and look to cut spending, AUD lower despite report of strong Australian business confidence data
  • Japan's current account surplus rose 0.2%, September machinery orders rose 3.8%, Bloomberg reports that Japan tops China in purchase of US debt, JPY lower
  • Australia's October NAB business conditions index rose 9 points to 12, AUD lower
  • UK October BRC retail sales rose seven year high at 3.8% October RICS house price balance rose to three year high at +34, UK global trade gap widens to 7.19bln from 6.073bln last month, which says UK most at risk of losing AAA status, GBP lower
  • German November Zew economic sentiment falls to 51.1 compared to 56 last month, EUR lower
  • Blue Chip economic indicators for November shows the forecasters have raised US 2010 GDP projection to 3%
  • President Obama says that he will discuss Yuan when he visits China later this week
  • More signs of global recovery, the Baltic Freight Index rose to a three month high Monday, the Fed says stressed banks are on track to recovery, 9 of ten banks that that the fed said were in need of increasing capital have met the capital requirements, Moody's changed it outlook for China's credit rating to positive from stable and said China's banking system is emerging from the financial crisis in a strong position
  • David Rosenberg, an economist from Toronto says the US faces a jobless recovery and unemployment will reach 13%, Sprint/Nextel to reduce 2,900 by end of 2009
  • US equity markets set to open lower, European equities mixed, Nikkei closed 62 points higher

Upcoming Events

  • US - Tuesday, no major economic reports are due for release today
  • CAN - Tuesday, no major Canadian economic data is due for release today