EUR/USD is opening a touch firmer this morning, presently at 1.4865 compared to a North American close Thursday down around 1.4840. An Asian sovereign was seen buying overnight and this has lent the pairing support.
Much speculation China will allow the yuan to appreciate, implying less recycling of intervention flows into the euro. Ummm, believe it when I see it.
Very first thing I saw when I sat down this morning was a headline on Reuters “Singapore -Thai Fin Min says no indication from China if or when a yuan revaluation will take place.” Hardly helping my cynicism.
Busy old day on Euro zone data front, will keep everyone on their toes:
07:00 GMT: German Q3 GDP expected +0.8% q/q, nsa -5.0% y/y, wda -4.8% y/y
07:45 GMT: French October CPI expected +0.2% m/m
07:45 GMT: French non-farm payroll Q3 expected -0.2% q/q
07:45 GMT: French wages Q3 expected +0.5% q/q
07:50 GMT: French Q3 GDP expected +0.6% q/q, -1.9% y/y
09:00 GMT: Italian Q3 GDP expected +0.8% q/q, -4.5% y/y
10:00 GMT: Euro zone Q3 GDP expected +0.6% q/q.
12:oo GMT: ECB’s Gonzalez-Paramo speech in Cordoba
13:15 GMT: ECB’s Weber speech in Berlin
16:40 GMT: ECB’s Noyer/ Chicago Fed’s Evans panel discussion in Paris
