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Pause before focus shifts back to US data, Fed cycle – Societe Generale

FXStreet (London) - Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the dollar’s record-breaking advance has been interrupted by month and quarter-end, which have prompted some position-squaring and a bounce this morning, notably in the Australian and New Zealand dollars.

Key Quotes

“The only major currency which is weaker today than it was yesterday relative to the dollar is the Korean won, undermined by some very soft industrial production (-2.8% y/y).”

“The overnight session also saw a soft HSBC Chinese PMI release (50.2 vs. 50.5), a mixed bag of Japanese data (unemployment rate down to 3.5%, retail sales up 1.9% y/y, industrial production -2.9% y/y and household spending -4.7% y/y), and some softness in New Zealand’s money supply and business confidence data.”

“We’ve got Euro area CPI and unemployment data, US Chicago PMI and consumer confidence data to come, but overall expect position-squaring to trump macro themes today.”

Germany Unemployment Change registered at 13K above expectations (-2K) in September

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