Global equity markets hold up well in the wake of Friday’s terrorist attacks in Paris; US markets posted strong gains in as indices posted gains around 1.4%. NY empire state manufacturing index missed at -10.74 vs an expected decline of 6.
Was a day of strength for the USD as commodity currencies suffered and treasury yields rose. CAD weakened significantly on the back of the oil weakeness but was able to pare back some of its losses as WTI bounced off the psychologically important 40.00 handle to trade back up to 42 possibly on short covering and position rolling as December expiration approaches. We will get API inventory tomorrow at 1630 EST.
EUR continues to under-perform trading under 1.07 before finding support ahead of 1.0670. EZ CPI came out better than expected at 1.1% vs expected 1.0%. ECB Deputy President Constancio spoke today avoiding monetary policy meetings but warning about the potential consequences of the Paris tragedy, saying it is too early to judge the impact of the attacks on the economy.
Looking ahead we have the RBA meeting minutes, UK inflation report hearings, PPI and CPI numbers, US CPI and industrial products, and also NZD GDT price index change.
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