with risk aversion again prevalent in the Asia and European sessions the downside was tested on most crosses and the USD/JPY. Q3 GDP was revised lower to 0.3% vs. 1.2% previously as Capex was very weak. Overall the USDJPY traded with a low of 87.35 and a high of 88.73 before closing the day around 88.00 in the New York session.
The Sterling (GBP) came under pressure as the UK budget was put under the microscope and UK's Darling slapped a 50% tax on bankers bonuses. October Trade Balance was -7.1bn vs. -6.85bn forecast. The cable struggled to rally off lows with the rest of the majors in New York and was very weak on most crosses. Overall the GBP/USD traded with a low of 1.6165 and a high of 1.6379 before closing the day at 1.6260 in the New York session. Looking ahead, BOE Rate decision forecast to remain at 0.5% and keep QE at 200BN.
The Australian Dollar (AUD) found solid
The Sterling (GBP) came under pressure as the UK budget was put under the microscope and UK's Darling slapped a 50% tax on bankers bonuses. October Trade Balance was -7.1bn vs. -6.85bn forecast. The cable struggled to rally off lows with the rest of the majors in New York and was very weak on most crosses. Overall the GBP/USD traded with a low of 1.6165 and a high of 1.6379 before closing the day at 1.6260 in the New York session. Looking ahead, BOE Rate decision forecast to remain at 0.5% and keep QE at 200BN.
The Australian Dollar (AUD) found solid
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