FX & CFD trading involves significant risk
The yen and the dollar rose against most of their major counterparts on demand for safer assets after a Democratic aide said a U.S. congressional committee is likely to announce today it failed to agree on deficit cuts.
The euro held last week’s biggest loss versus the yen since September after Spain’s opposition won a parliamentary majority, making the ruling Socialists the fifth European government to be ejected amid the region’s debt crisis.
Today is the deadline for the U.S. Congressional Budget Office to receive a plan that it can analyze before the supercommittee’s Nov. 23 target date for reaching an agreement. It was highly unlikely that the panel’s talks could be salvaged, the Democratic aide, who requested anonymity, said in an e-mail yesterday.
Australia’s dollar fell to a five- week low as U.S. lawmakers may announce today they failed to reach an agreement on budget cuts, raising the prospect the world’s largest economy will face another credit downgrade. The so-called Aussie also slid versus the yen after a Democratic aide said in an e-mail it was highly unlikely that the supercommittee talks were salvageable.
EUR/USD: on Asian session the pair fell.
GBP/USD: on Asian session the pair dropped.
USD/JPY: on Asian session the pair fell.
A fairly quiet session on both sides of teh Atlantic this week. At 0900GMT, the ECB Sep current account data is set for release. At
1245GMT ECB Executive Board member Juergen Stark is slated to give a speech on economic adjustment, in Dublin.Over the pond, and 1330GMT sees the release of Canada's Sept 2011 Wholesale sales and inventories data.At 1930GMT, Atlanta Federal Reserve Bank President Dennis Lockhart is scheduled to make remarks on the work of the Fed to the Getulio Vargas Business School, Sao Paulo, Brazil.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.