Market Overview

ForexLive North American Wrap: Oil, Olli and Oct Retail Sales

US Oct retail sales weaker than expected
FOMC Minutes: say a number favored more QE after Op Twist
US Oct PPI 2.3% y/y vs 2.6% exp
US Sept business inventories +0.7% vs +0.6% exp
Israel assassinates Hamas military leader, launches offensive
Oil up $1 to $86.30 after attack
Ireland raises 2012 GDP forecast, cuts 2013 and 2014
EU's Olli Rehn says no further action from Spain necessary at this time
EU won't take final decision on Greek aid until next week
Pelosi to stay as Democratic House leader
Fitch: US credit card delinquencies rise for first time in a year
EUR leads, JPY lags

The market shook off the soft retail sales numbers at first but after the missile attacks in Israel, it was 'risk off'. Once again, however, the FX market dismissed the stock market, aside from AUD and NZD.

If you told me at the start of the day that the S&P 500 would fall 20 points and that EUR/JPY would be the best performer, I wouldn't have believed you.

The euro squeezed above 1.2755 to 1.2780 after the FOMC minutes hinted at more bond buying after Operation Twist but the move lasted mere moments and spot is at 1.2735. An earlier spike came on speculation Rehn would push Spain to take the OMT.

Cable fell below the 200-day moving average for the first time since early September.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Econ #s Economics Markets Trading Ideas

 

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