Euro backs off week high ahead of Lagarde's speech
EUR/USD tilted lower in Asian trade off November 9 highs ahead of a batch of data from the euro zone and the US, and a speech by ECB President Christine Lagarde.
As of 06:45 GMT, EUR/USD fell 0.05% to 1.1848, with an intraday low at 1.1832.
From the euro zone, the current account surplus is expected down to 18.1 billion euros from 19.9 billion in August.
ECB President Lagarde is due to testify before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, via satellite.
From the US, unemployment claims for the week ending November 13 are expected down two thousand to 707 thousand, while the Philly manufacturing index is expected down to 22 from 32.3.
US existing home sales are expected down 1.2% to 6.45 million units, while the CB leading index is expected up 0.7%.
The New Zealand dollar rose on Thursday, amid optimism that the popular Prime Minister Jacinda Ardern will secure another term. The New Zealand authorities announced the victory of Jacinda Ardern’s Labour Party in the 2020 general election. This came after the government of Ardern's noticeable handling of the coronavirus crisis that even been praised by the World Health Organization for the measures taken to contain the virus outbreak. The New Zealand's CPI reading will be released later today, amid forecasts to rise by 0.9% in September vs. August's reading of a drop by 0.5%. Otherwise, the number of coronavirus infections surpassed 41 million cases worldwide, while the death toll continues to increase, which has exceeded 222,000 victims in the US alone. As of 18:35 GMT, NZD/USD rose 0.5% to 0.6686, after hitting a high of 0.6689 and a low of 0.6632.
The British Pound rose against most of its counterparts on Wednesday, after the release of the Britain's GDP data. Data showed today that the final reading of the UK's GDP fell 19.8% in the second quarter, beating expectations of -20.4%. While the final reading of the US GDP decreased 31.4% in the second quarter, better than forecasts of -31.7%. The British current account reading posted a deficit of 2.8 billion pounds, more than forecasts of 1 billion pounds. As of 20:50 GMT, GBP/USD rose 0.5% to 1.2918, after the pair hit a high of 1.2942, and a low of 1.2806. EUR/GBP fell 0.4% to 0.9086, with a high of 0.9158 and a low of 0.9067.
The US Energy Information Administration reported today that crude inventories rose 800,000 barrels to 489.5 million during the past week, missing forecasts of 100,000 barrels. Gasoline stocks rose 2.6 million to 228 million barrels, and distillate stocks fell 5.2 million to 144.1 million barrels. While the American Petroleum Institute (API) revealed on Tuesday in preliminary data that the US crude inventories rose 4.2 million barrels during the same period.