The following data were published
06:45 Switzerland Unemployment Rate s.a. (Oct) 2,6% 2,6% 2,6%
06:45 Switzerland Unemployment Rate (Oct) 2,5% 2,5% 2,4%
07:00 Germany Current account (September) unadjusted, bln 15.0 7,5
07:00 Germany Trade balance (September) unadjusted, bln 15.0 10,6
11:00 Germany Industrial production (September) unadjusted Y/Y 4.5% -4,7
11:00 Germany Industrial production (September) adjusted Y/Y -2.1% 0.5% 1,7%
11:00 Germany Industrial production (September) adjusted -0.9% 3,4%
12:00 Canada Unemployment Rate (Oct) 6,2% 6,2% 6,1%
12:00 Canada Net Change in Employment (Oct) 9.5К 0,5К 106.9К
The dollar fell against the yen and the euro on speculation a government report will show the U.S. economy lost the most jobs since 2003, bolstering the case for the Federal Reserve to lower interest rates.
The U.S. currency also declined versus the British pound as futures traders bet the Fed will cut borrowing costs by half a percentage point to 0.5 percent at its next meeting, compared with the U.K.'s benchmark rate of 3 percent. A Labor Department report today may show U.S. unemployment rose to a five-year high as the global economic slowdown worsened.
``Growth is pretty much the market's concern at the moment and the jobs data might add to that picture,'' said Ian Stannard, a senior currency strategist in London at BNP Paribas SA, the most accurate forecaster in a 2007. ``We've been looking for the dollar to correct lower.'' EUR/USD started the day near $1.2650 before posted session high at $1.2850. . Disappointing German IP data then knocked the rate under $1.2800 ahead of the US open. Bids $1.2620, $1.2590.
GBP/USD rose from $1.5535 to $1.5825, before bounced back to $1.5700. Cable regained momentum ahead of US opening. Offers located at $1.5820 and $1.5970.
USD/JPY found the base at Y96.75 and gained up to Y97.80. Later the pare traded within Y97.20/60 range. Offers Y97.80. stronger on approach to Y98.40/50. Bids near Y96.70/50.