THE EURO gained 0.45%. The dollar remained broadly supported after Friday’s strong U.S. employment data fuelled further expectations that the Federal Reserve will hike interest rates for the first time since 2006 at its upcoming meeting on December 1516. Separately, market sentiment weakened after data on Tuesday showing that Chinese exports fell for the fifth consecutive month added to fears over a slowdown in the world’s secondlargest economy.
THE YEN dropped 0.45% today. Exports fell 6.8% on a yearoveryear basis in November as weak global demand continued to weigh. Imports were also down, falling 8.7%. The number of job openings in the U.S. fell more than expected in October, but remained in territory consistent with an improving labor market, official data showed on Tuesday.
THE SWISS FRANC closed lower today. The U.S. dollar index, which measures the greenback’s strength against a tradeweighted basket of six major currencies, was down 0.29% at 98.44. In a report, the U.S. Labor Department said that the number of job openings, excluding the farming industry, decreased to 5.383 million in October from 5.534 million a month earlier. Analysts had expected the number of job openings to decline to 5.500 million.
STERLING was down 0.43% today. Sterling was hit after the U.K. Office for National Statistics said that manufacturing production decreased by 0.4% in October, disappointing expectations for a decline of 0.1% and following a gain of 0.9% a month earlier. On an annualized basis, manufacturing production fell at rate of 0.1%, worse than estimates for a gain of 0.1%, after declining at a rate of 0.4% in September.
Overseas Trade Market Commentary
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