FXstreet.com (Barcelona) - Amongst the most relevant headlines
in the Asian session, traders witnessed a rse in Chinese PMI to
55.2 from 54.7 in Oct. , yet fell disappointed by the Australian
GDP, which grew less than expected at +0.2%. UK Nov house prices
showed a modest 0.3% fall.
The Aussie was again the leading currency, triggering most
movements. AUD/USD behaved somewhat erratically, ranging from
0.9540-0.9600. EUR/USD ended consolidating losses below 1.3000.
USD/JPY drifted lower to 83.40. Regional stock markets ended mixed.
In Europe, traders had a spirited session, where a rise in risk
appetite was observed. In the fundamental domain, the UK surprised,
after Nov manufacturing PMI stood at 58.0, up sharply from 55.4 in
Oct. Meanwhile, Euro-zone Nov final manufacturing PMI showed a
decline to 55.3 from 55.5. German retail sales +2.3% m/m.
EUR/USD tailed off around 1.3100 after a 100 pips upside move.
GBP/USD was higher at 1.5620, USD/JPY improve to 83.80, the Aussie
also was also benefited by the risk trades performance. Stocks were
sharply higher, FTSE-100 +2.07%, DAX +2.66%, CAC-40 +0.74%.
In the US, the Euro was the big winner, after the search for high
yielding assets extended. Contributing on today's optimism, the ADP
employment report was up 93K, largest rise in 3 years. The ISM
manufacturing index came out as expected at 56.5. Goldman rose US
GDP forecast to 2.7% from 2.0% for next year. However, making most
of the headlines was a line from Reuters, suggesting "US was ready
to increase IMF contribution for European bailout fund".
The Fed disclosed details on emergency loans through the 2008 slump
period. EUR/USD finished driving through 1.3150, GBP/USD stabilized
at 1.5630, USD/CHF sit at 1.0020, USD/JPY jumped above 84.00.
AUD/USD rose to 0.9680. Wall Street, S&P 500 was catapulted
2.2%; US 10-yr note yield rose 18 bp to 2.97%.