From Marc Chandler at Bannockburn Global Forex:
Overview: A consolidative tone is emerging in the foreign exchange market as the week's key events begin tomorrow: UK budget, eurozone and US Q3 GDP, and the US ADP private sector jobs estimate, and quarterly refunding. Outside of the Norwegian krone, which is up nearly 0.5%, the other G10 currencies are largely +/- 0.1%. The yen, Swiss franc, and antipodeans are trading with a slightly heavier bias. Among emerging market currencies, most from the Asia Pacific area, but the Thai baht are lower, while central European currencies are mostly firmer. The Mexican peso's 0.3% gain puts it on top of the emerging market currencies, after it settled softly yesterday.
Stocks are firmer and bonds are softer. Most of the large bourses in the Asia Pacific region, except China and Taiwan rose today. The MSCI Asia Pacific Index has fallen for the past four weeks. Europe's Stoxx 600 is up about 0.30%, its second day of gains. US index futures are firm. European benchmark 10-year yields are 2-4 bp higher. The 10-year US Treasury yield is up about two basis points to 4.30%. Between bills and coupons, the US Treasury will sell more than $200 bln of paper. The absorption may be less disruptive that the large settlement on Thursday. Gold is firm but continues to trade within the range set in the middle of last week when the record high was seen (~$2758.50). After gapping lower yesterday, December WTI is consolidating near the lows. So far, today's range is roughly $67.20-$68.10....
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