The US Dollar managed to hold onto recent gains against the Japanese Yen though FX traders grow wary of so-called progress in the US-China trade talks. Trading is also relatively lackluster ahead of the release of global growth reports on the manufacturing sectors around the globe. Markit Surveys is due to release its preliminary manufacturing and services sector surveys for the month of November. Analysts are calling for a slight rise in the figures across much of the Eurozone, including for the economic drivers, Germany and France. Analysts are predicting that the readings out of the UK are likely to show a decline, however.
During trade in Tokyo as of 10:51 am, the EUR/USD was trading at $1.1064, up 0.0244%, while the GBP/USD was higher at $1.2919, a gain of 0.1077%. Against the safe haven Yen, the USD/JPY pair was trading higher at 108.6670 Yen, up 0.0534%.
Market to Focus on ECB Chief Lagarde
Later today, markets will focus their attention on a speech by the new head of the European Central Bank, Christine Lagarde, who took over from Mario Draghi on November 1st. Ms. Lagarde has not made any comments regarding monetary policy directly, so market players will be anxious to hear if she will continue to favor the ultra-loose policy initiated by her predecessor. Ms. Lagarde is not herself an economist, and has pointed out that she will act with the guidance of the ECB's Governing Council to gauge direction.