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07.11.2014 16:39

Foreign exchange market. American session: the U.S. dollar traded lower against the most major currencies after the mixed U.S. labour market data

The U.S. dollar traded lower against the most major currencies after the mixed U.S. labour market data. The U.S. economy added 214,000 jobs in October, missing expectations for a rise of 229,000 jobs, after a gain of 256,000 jobs in September. September's figure was revised up from a rise of 248,000 jobs.

The U.S. unemployment rate declined to 5.8% in October from 5.9% in September. Analysts had expected the unemployment rate to remain unchanged.

Average hourly earnings climbed 0.1% in October, missing forecasts of a 0.2% gain, after the flat reading in September.

These figures are signs that the labour market in the U.S. is strengthening.

The euro climbed against the U.S. dollar. Germany's trade surplus climbed to €18.5 billion in September from €17.5 billion in August, exceeding expectations for a rise to €18.3 billion.

German adjusted industrial production rose 1.4% in September, missing expectations for a 2.1% gain, after a 3.1% drop in August. August's figure was revised up from a 4.0% fall.

France's trade deficit narrowed to €4.7 billion in September from €5.0 billion in August, beating expectations for an increase to a deficit of €5.2 billion. August's figure was revised up from a deficit of €5.8 billion

French industrial production was flat in September, beating expectations for a 0.1% decline, after a 0.2% fall in August.

The British pound traded higher against the U.S. dollar. The U.K. trade deficit rose to £9.8 billion in September from £8.95 billion in August, missing expectations for a deficit of £9.4 billion. August's figure was revised from a deficit of £9.10 billion.

The Canadian dollar increased against the U.S. dollar ahead of the Canadian labour market data. Canada's unemployment rate fell to 6.5% in October from 6.8% in September. That was the lowest level since November 2008. Analysts had expected the unemployment rate to remain unchanged at 6.8%.

The number of employed people increased by 43,100 in October, exceeding expectations for a gain of 400, after a 74,100 rise in September.

The Swiss franc rose against the U.S. dollar. Retail sales in Switzerland increased at an annual rate of 0.3% in September, missing expectations for a 2.2% rise, after a 1.4% gain in August. August's figure was revised down from a 1.9% increase.

Switzerland's unemployment rate remained unchanged at 3.2% in October.

The Swiss National Bank's foreign exchange reserves declined to 460.427 billion Swiss francs in October from 462.117 billion francs in September. September's figure was revised from 462.194 billion Swiss francs.

The New Zealand dollar traded higher against the U.S. dollar in the absence of any major economic reports from New Zealand.

The Australian dollar was up against the U.S. dollar. In the overnight trading session, the Aussie traded mixed against after the release of the Reserve Bank of Australia's (RBA) quarterly monetary policy statement. The central bank said that the Australian gross domestic product is expected to grow below trend until mid-2015.

The RBA reiterated that the Aussie remains high by historical standards despite the recent declines.

The AiG (Australian Industry Group) performance of construction index declined to 53.4 in October from 59.1 in September.

The Japanese yen increased against the U.S. dollar in the absence of any major economic reports from Japan.

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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