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Currencies: session of great stability of Forex despite US stats

19/11/2020
Source : zonebourse.com
Categories: Economy/Forex

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The Dollar ended the day perfectly unchanged against the euro (1.1850), against the Yen (103.82), against the Swiss Franc (-0.05% to 0.9120), against the Canadian Dollar (1.3075) and it shifted only marginally against the Pound (it gained +0.2% to 1.3240).


The Dollar remains stable against the Euro despite US T-Bonds that erase 3.4Pts of remuneration at 0.848% while the Bunds show -2Pts.

Currency traders did not find inspiration in the publication of many economic statistics in the United States
The real surprise of the day is on the side of resales of old houses which are still accelerating, by +4.3% in October (to 6.85 million annual transactions) while the consensus anticipated a decline of -1.2%... and the median price soars to a record $313,000, it's just $100,000 more than at the end of the Lehman crisis in 2009.

The Conference Board's composite index of leading indicators rose 0.7% last month to 108.2 (in line with expectations) after gains of 0.7% in September and 1.6% in August.

The Philadelphia Fed's index stood at 26.3 in November, down six points from the previous month, marking a deceleration in the growth of manufacturing activity in the Philadelphia area... however, it is better than the 25 anticipated.

Bad surprise on the other hand with the applications for unemployment benefits which rebounded by +31,000 (to 742,000), putting a stop to the cycle of improvement of the American labor market.
This is the only figure that can really justify a clear relaxation on US T-Bonds.

On the old continent side, no figures to put in the tooth, on the other hand, the IMF has revised down its growth expectations in Europe and indicates that the recovery "will remain difficult" in the coming months.

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