• Canadian Trade Minister: Strong Canadian dollar shows confidence in economy, banking system
  • SNB’s Roth: Switzerland coming out of crisis in relatively good shape
  • French EconMin Lagarde: Euro zone economies “very slightly picking up.” EU stimulus packages to continue through 2010
  • U.S. Treasury Secretary: Very important that US has strong dollar. Currency plays important role in global stability
  • German HDE retail association says majority of sector expects worse conditions in 2010
  • German FinMin Schaeuble: Risks to German economic outlook are rising unemployment, credit crunch. Too early to scale down expansive economic policies now
  • Swiss ZEW investor sentiment 56.4 in November, down from 65.0 in October
  • Euro zone September industrial production +0.3% m/m, -12.9% y/y vs median forecasts of +0.5%, -14.1% respectively
  • Japan MOF official: Supports US strong dollar policy. FX rates should reflect fundamentals. Domestic demand in severe condition. Cannot consider exit policy now

Where there has been any net change, the USD is marginally firmer. Nothing particularly driving the move, just a bout of profit-taking is all (well that’s what it looked like to me.) I suppose you could point to US Treasury Secretary Geithner saying it’s VERY important US has strong dollar and German FinMin Schaeuble highlighting risks to German economy, that’s if you really have to.

EUR/USD down at 1.4940 from early 1.4990. Russia seen decent seller early. Stops were then triggered on move through 1.4940 and we posted 1.4927 low. Talk of decent buy interest down at 1.4920 helped provide support. Sell orders noted up at 1.5010/20. Decent-sized 1.5000 option expiry at todays New York cut.

Cable sits at 1.6565, effectively unchanged on the day. The pairing came under pressure early, reaching session low 1.6517. However ongoing ACB buy interest at various levels on the way down eventually helped lead to robust recovery.

Sterling was also helped by decent selling of the EUR/GBP cross by a UK healthcare company, the cross presently down at .9020 from early .9055.

USD/JPY sits at 89.75, effectively unchanged on the day. If it moved, I have to admit I missed it.

AUD/USD marginally easier, presently down at .9015 from early .9035.