Forex Weekly Round Up 9 November 2015 – 13 November 2015
On Monday we learned Germany’s trade surplus in September was lower than expected, as surging imports outstripped exports, a sign that the weakness in emerging markets is forcing the economy away from its long-time reliance on exports. The trade surplus narrowed to EUR 19.4 billion in September from a revised EUR 19.7 billion in August, the Federal Statistical Office said.
On Tuesday David Cameron said it is a matter of “cardinal importance” that there is recognition that the EU is a union “with more than one currency”, and those countries such as Britain that choose not to use the single currency do not bear any costs of supporting the euro.
Britain’s unemployment rate fell to its lowest level since early 2008 but earnings grew more slowly than expected, showing why the Bank of England is in no hurry to raise interest rates. Britain’s unemployment rate dipped to 5.3% in the third quarter, its lowest level since the three months to April 2008, before the financial crisis crippled the economy.
In a choppy day’s trading, the US dollar fell moderately against GBP on Thursday afternoon, as investors booked profits on recent gains and US initial and continuing jobless claims came out weaker than expected. The longer-term view on the greenback remains bullish, however, with all eyes on central bank decision making this December.
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