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The U.S. unit also bounced briefly after Fed released the FOMC minutes for the October meeting, saying that inflation expectations could drift upward. The remarks decreased the chance of a Fed interest rate cut in Q1 2007. However, investors were quick to take profit on long usd positions as the minutes also expressed concerns on the soft housing market.
As a result, euro fell to 1.2773 before recovering on short-covering. The greenback rose against the Swiss franc to 1.2523 before retreating on position adjustment. Usd/jpy strengthened to 118.20 on the back of soft Japan industrial data, news of an earthquake in Northern Japan and firm U.S. economic data.
Cable fell to 1.8838 before stabilising as investors reassessed the interest rate differentials after the worse-than-expected U.K. employment report and the upbeat New York manufacturing index.
Wednesday will see the release of U.K. house price and retail sales data, Japan BOJ interest rate decision, as well as eurozone CPI report.
Data to be released from U.S. include weekly jobless claims, consumer price index, capital inflows report, industrial production and capacity utilisation, Philadelphia Fed index and NAHB housing market report. -------------------------------------------------------------
Updating time : 15/11/2006 19:43 GMT
Dollar steadies ahead of the release of important US economic data on Thursday
The U.S. unit also bounced briefly after Fed released the FOMC minutes for the October meeting, saying that inflation expectations could drift upward. The remarks decreased the chance of a Fed interest rate cut in Q1 2007. However, investors were quick to take profit on long usd positions as the minutes also expressed concerns on the soft housing market.
As a result, euro fell to 1.2773 before recovering on short-covering. The greenback rose against the Swiss franc to 1.2523 before retreating on position adjustment. Usd/jpy strengthened to 118.20 on the back of soft Japan industrial data, news of an earthquake in Northern Japan and firm U.S. economic data.
Cable fell to 1.8838 before stabilising as investors reassessed the interest rate differentials after the worse-than-expected U.K. employment report and the upbeat New York manufacturing index.
Wednesday will see the release of U.K. house price and retail sales data, Japan BOJ interest rate decision, as well as eurozone CPI report.
Data to be released from U.S. include weekly jobless claims, consumer price index, capital inflows report, industrial production and capacity utilisation, Philadelphia Fed index and NAHB housing market report. -------------------------------------------------------------
