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Singapore Dollar Falls To 2-day Low Against U.S. Dollar

The Singapore dollar weakened against the U.S. dollar in the Asian session on Friday. Against the greenback, the Singapore dollar fell to a 2-day low of 1.4097 from an early high of 1.4070. At yesterday's close, the Singapore dollar was trading at 1.4081 against the greenback. If the Singapore dollar extends its downtrend, it is likely to find support around the 1.42 area.

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Americas Roundup: Dollar Rises on Ecb, Snb Rate-Cut Expectations, Gold Hits Near 6-Year Low-November 28th, 2015

Market Roundup
Canada job vacancies rise in Q2, best opportunities in resource rich west.
BoE's Carney says continues to see strong UK domestic demand.
Chile central bank considered both hold and hike in Nov - minutes.
Dollar hits 8-month high as easing fears hammer euro, SNB EURCHF intervention tipped pre-ECB.
US. bond prices rise as world stock markets drop, US yields fall with German yields on ECB stimulus bets.
Black Friday for China stocks but metals not so heavy, industrial metals see 1st weekly rise since Oct.
Gold slips to near 6-year low, set for 6th straight weekly drop, despite ample Chinese demand.
Looking Ahead - Economic Data (GMT)
21:45 New Zealand Building Consents* Oct -5.7%-previous
23:30 Australia TD-MI Inflation Gauge*Nov 0%-previous
23:50 Japan Industrial output prelim mm *Oct forecast 1.9%, 1.1%-previous
23:50 Japan IP Forecast 1 month Ahead*Oct 4.1%-previous
23:50 Japan IP Forecast 2 month Ahead*Oct -0.3%-previous
23:50 Japan Retail Sales YY*Oct forecast 0.8%, -0.2%-previous
05:00 Japan Construction Orders YY*Oct 6.7%-previous
05:00 Japan Housing Starts YY* Oct forecast 2.9%, 2.6%-previous
Looking Ahead - Events, Other Releases (GMT) 01:00
Japan- Bank of Japan Governor Haruhiko Kuroda speaks to business leaders in Nagoya

Currency Summaries EUR/USD is likely to find support at 1.0560 levels and currently trading at 1.0594 levels. The pair has made session high at 1.0603 and hit lows at 1.0567 levels. The dollar rose against euro on Friday, hitting an eight-month high against euro as speculation the Swiss National Bank would follow the European Central Bank in cutting deposit rates put bearish pressure euro. Expectations of growing interest rate differentials between the dollar and major European currencies have pushed the dollar up against most of the major currency pair. Most analysts anticipate the Federal Reserve will raise U.S. interest rates next month, strengthening the dollar, while the ECB and SNB are expected to announce further easing. The euro rebounded in afternoon U.S. trading to move back above $1.06 after falling near seven-month lows in overnight trading. It was last down 0.1 percent against the dollar to $1. single currency is down 3.7 percent versus the dollar so far this month as markets anticipate the ECB announcing a loosening of monetary policy at its Dec. 3 meeting. To the upside, immediate resistance can be seen at 1.0637. To the downside, immediate support level is located at 1.0577 levels. GBP/USD is supported in the range of 1.5026 and currently trading at 1.5039 levels. It reached session high at 1.5071 and hit low at 1.5029 levels. Sterling slipped to a three-week low against the dollar on Friday after data showed the British economy slowed in the third quarter, bolstering market expectations that the Bank of England will not raise interest rates any time soon. Despite better growth proposition from the Office for Budget Responsibility this week that accompanied the finance minister's spending review, Friday's numbers showed the UK economy grew just 0.5 percent from July to September, slowing from 0.7 percent the previous quarter. Sterling fell half a percent on the day to $1.5032 after the data, its lowest in three weeks and just five ticks away from a seven-month low of $1.5027 reached earlier in the month. It recovered some losses later on Friday but still traded down 0.3 percent at $1.5049. To the upside, immediate resistance can be seen at 1.5090. To the downside, immediate support level is located at 1.5027levels. AUD/USD is supported around 0.7153 levels and currently trading at 0.7191 levels. It hit session high at 0.7248 and made session lows at 0.7180 levels. The Australian dollar edged lower against US dollar on Friday, after investors remained cautious after Chinese stocks posted their biggest intraday loss since August, hurting commodity prices. Dollar broadly remained stronger on the day as traders remained optimistic about U.S. interest rate increase in December. Against the U.S. dollar, the Aussie slipped at $0.7190, having touched a one-month peak of $0.7283 on Wednesday. The central bank's next policy meeting is on Dec. 1 and economists expect the RBA to keep interest rates at a record low of 2.0 percent. To the upside, immediate resistance can be seen at 0.7348. To the downside, immediate support level is located at 0.7180 levels. USD/CAD is supported at 1.3315 levels and is trading at 1.3367 levels. It has made session high at 1.3375 and lows at 1.3346 levels. The Canadian dollar weakened against U.S. dollar on Friday, as the crude oil prices dragged down by falling oil prices amid fresh volatility in Chinese stocks, while Canadian producer prices fell more than expected. Crude oil prices fell as disappointing Chinese data and concern over a global energy supply glut overshadowed geopolitical concerns. Chinese declined sharply more than 5 percent after the stock regulator had initiated a probe on brokerages to include the country's fourth-biggest securities firm. The currency's strongest level of the session was C$1.3292, while its weakest was C$1.3374, a three-day low. To the upside, immediate resistance can be seen at 1.3338. To the downside, immediate support level is located at 1.3315 levels. Equities Recap European shares retreated from a three-month high on Friday, hit by a drop in shares of mining companies after a slump in Chinese equities. Anticipation of further stimulus by the European Central Bank next week helped to cushion the fall. UK's benchmark FTSE 100 closed down by 0.27 percent, the pan-European FTSEurofirst 300 ended the day down by 0.27 percent, Germany's Dax ended down by 0.27 percent, France's CAC finished the day down by 0.36 percent. U.S. stock ended little changed in light trading on Friday, with consumer stocks falling as investors fretted over early reports on the U.S. holiday shopping season and Disney's subscriber losses weighed on the market. Dow Jones closed down by 0.08 percent, S&P 500 ended up by 0.07 percent, Nasdaq finished the day up by 0.02 percent. Treasuries Recap U.S. Treasuries prices edged up on Friday and benchmark yields hovered at their lowest levels in over three weeks as global stock market losses stoked demand for lower-risk government debt. Benchmark 10-year Treasuries notes were up 3/32 in price for a yield of 2.222 percent, down 1 basis point from late on Wednesday. Earlier, the 10-year yield touched 2.204 percent, the lowest level in more than three weeks. Commodities Recap Gold dropped almost two percent to a near six-year low on Friday, set for a sixth straight weekly decline under pressure from a firm U.S. dollar and prospects of a U.S. interest rate rise next month.Spot gold hit $1,052.46 an ounce, its lowest since February 2010, and was down 1.3 percent at $1,057.50 by 12:59 p.m. EST (1759 GMT). Spot prices were down about 2 percent for the week. U.S. gold futures hit a six-year low of $1,051.10 an ounce before closing down 1.3 percent at $1,056.20 and skidding to a sixth straight weekly decline. Oil settled lower in light post-holiday volume in New York on Friday as the dollar's rally to an eight-month high and a tumble in Chinese equities added pressure to oversupplied crude futures. WTI settled down $1.33 at $41.71 a barrel, trading just over 280,000 lots, data showed. Activity in WTI has dwindled since Monday's volume above 500,000 lots, which is typical of a busy day in oil. Benchmark Brent oil the session down 60 cents at $44.86.

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Gold Ends Week At 5-year Year Lows

Gold prices fell for a sixth consecutive week, with Friday's losses pushing the preious metal to its lowest in more than five years. A stronger dollar contributed to the decline. Gold futures for December delivery settled down $13.80, or 1.3% at $1,056.20 an ounce on Comex. Expectations that the Federal Reserve will raise interest rates next month are weighing on prices.


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Japan Industrial Production Climbs 1.4% In October

Industrial output in Japan gained a seasonally adjusted 1.4 percent on month in October, the Ministry of Economy, Trade and Industry said in Monday's preliminary reading - rising for the second straight month. That missed forecasts for an increase of 1.8 percent, although it was up from 1.1 percent in September. On a yearly basis, industrial production slipped 1.4 percent - also missing expectations for a decline of 0.9 percent following the 0.8 percent drop in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it has been fluctuating indecisively. Industries that mainly contributed to the monthly increase included business oriented machinery, transport equipment and electronic parts and devices. According to the survey of production forecast in manufacturing, production is expected to rise 0.2 percent in November and fall 0.9 percent in December. Industries that mainly contributed to the increase in November included communication electronics equipment, electrical machinery, and electronic parts and devices. Industries that mainly contributed to the decline in December included business-oriented machinery, transport equipment and electronic parts and devices. Shipments in October were up 2.1 percent on month, rising for the second straight month. They were also down 0.8 percent on year. Industries that mainly contributed to the increase included transport equipment, business oriented machinery and electronic parts and devices. Inventories in October dipped 1.9 percent on month, falling for the second straight month. They were also up 0.2 percent on year. The inventory ratio in October fell 3.0 percent on month, falling for the second consecutive month. It also fell 0.5 percent on year. Also on Monday, the METI said that the total value of retail sales in Japan was up 1.8 percent on year in October - topping forecasts for an increase of 0.9 percent following the 0.1 percent decline in September. Sales from large retailers were up 2.9 percent on year, just missing forecasts for an increase of 3.0 percent but still up from 1.7 percent in the previous month. On a seasonally adjusted monthly basis, retail sales advanced 1.1 percent - beating forecasts for a gain of 0.3 percent and up from 0.8 percent in the three months prior.

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Treasuries Rise as China Stock Decline Drives Demand for Safety

Treasuries soared as it heads for their biggest gain in 2 weeks, as a fall in Chinese shares drove demand for the relative safety of U.S. government securities. The U.S. 10-year yield declined three basis points to 2.21% as of 7:01 a.m. in London, according to Bloomberg Bond Trader data. The benchmark 2.25% note due in November 2025 advanced 1/4, or $2.50 per $1,000 face amount, to 100 3/8. Treasuries fell1.1% over the past month, the worst performer of 26 bond markets around the world tracked by Bloomberg and the European Federation of Financial Analysts Societies.

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Malaysian Ringgit Drops To 6-day Low Against U.S. Dollar

The Malaysian ringgit weakened against the U.S. dollar in the Asian session on Monday. Data from the Department of Statistics showed that Malaysia's domestic producer price index dropped 2.6 percent year-over-year in October, following a 5.1 percent decrease in September. In August, prices had fallen 5.4 percent. On a monthly basis, producer prices rose 1.7 percent in October, much faster than the 0.1 percent slight increase in the preceding month. It was the second successive monthly climb. Against the greenback, the ringgit fell to a 6-day low of 4.2800 from an early high of 4.2640. At Friday's close, the ringgit was trading at 4.2600 against the greenback. If the ringgit extends its downtrend, it is likely to find support around the 4.40 area.

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Malaysia Manufacturing Sector Weakens Further In November - Nikkei

The manufacturing sector in Malaysia continued to contract in November and at an accelerated pace, the latest survey from Nikkei revealed on Tuesday with a PMI score of 47.0. That's down from 48.1 in October, and it slides further beneath the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, production contracted at the sharpest rate in more than three years. New orders declined at a record pace, as did buying activity.

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Copper Drops With Metals After Chinese Factory Activity Slows

Copper fell with other markets after activity in Chinese factory slowed, underscoring a weak outlook for demand in the country. The official manufacturing purchasing managers index fell to 49.6 last month. The official PMI figure has been in contraction territory for four months. Copper for 3-month delivery on the London Metal Exchange slipped 0.5% to $4,561.50 a ton by 9:29 a.m. in Shanghai.

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Australia GDP Expands 2.5% On Year In Q3

Australia's gross domestic product gained 2.5 percent on year in the third quarter of 2015, the Australian Bureau of Statistics said on Wednesday. That beat forecasts for an increase of 2.4 percent and accelerated from the 2.0 percent gain in the second quarter. On an annualized quarterly basis, GDP gained 0.9 percent - also topping expectations for an increase of 0.8 percent and up from the 0.2 percent gain in the three months prior. The terms of trade slipped a seasonally adjusted 2.4 percent on quarter in Q3. The major contributions to economic growth this quarter came from exports, with net exports contributing 1.5 percentage points to GDP growth. The growth in exports is reflected by strong growth in mining activity (5.2 percent), bouncing back after the decline in the June quarter. Strength in the broader economy was also seen in household final consumption expenditure (up 0.7 percent) and new and used dwelling construction (up 2.0 percent). These positive contributions were offset by a fall in total gross fixed capital formation of 4.0 percent, driven by falls in private (-2.9 percent) and public (-9.2 percent) investment. The September quarter continues to see the decline in mining related construction, with engineering construction decreasing 7.1 percent.

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Treasury yields dive as weak US data renewed woes on Fed liftoff

Treasury yields plunged as soft manufacturing data revived questions about the possible timing of Federal Reserve's interest rate hike over the following year. According to the Institute for Supply Management, manufacturing activity slumped to 48.6 in November, from 50.1 in October. The likelihood of a Fed rate increase this month has lowered. Futures markets pointed to 75% probability of a rate hike in December. The yield premium investors get for purchasing longer-term debt slimmed at 1.25 percentage points, its narrowest in nine months. The yield on the benchmark 10-year US government note slipped to its one-month low of 2.155%, while the two-year yield fell to 0.907%, its weakest in nearly two weeks.


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Australia Retail Sales Jump 0.5% In October

The total value of retail sales in Australia climbed a seasonally adjusted 0.5 percent on month in October, the Australian Bureau of Statistics said on Friday - standing at A$24.655 billion. The headline figure beat expectations for an increase of 0.4 percent, which would have been unchanged from both the September and August readings. There were rises in food retailing (0.6 percent), department stores (3.5 percent) and household goods retailing (1.1 percent). There were falls in cafes, restaurants and takeaway food services (-0.6 percent) and clothing, footwear and personal accessory retailing (-0.1 percent). Other retailing (0.0 percent) was relatively unchanged. By region, there were rises in New South Wales (0.8 percent), Victoria (0.5 percent), Queensland (0.5 percent), South Australia (0.3 percent), Tasmania (0.8 percent), the Australian Capital Territory (0.6 percent) and the Northern Territory (0.2 percent). Western Australia (0.0 percent) was relatively unchanged. Online retail turnover contributed 3.0 percent to total retail turnover in original terms.

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VW's suspended top engineer quits after 30 years, Audi says

Ulrich Hackenberg, Volkswagen's suspended top engineer has quit the company after 30 years, luxury-car division Audi said, as VW pushes ahead with the search for culprits in its diesel emissions scandal. The supervisory board of VW suspended Hackenberg two months ago. He will be replaced by Stefan Knirsch, head of engine development, Audi said.

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Treasuries Regain Ground Following Upbeat Jobs Data

Following the sell-off seen in the previous session, treasuries regained some ground over the course of the trading day on Friday. Bond prices moved to the upside in morning trading before moving roughly sideways in the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.5 basis points to 2.275 percent. The ten-year yield partly offset the 15.2 basis point jump seen on Thursday but remains well above the one-month closing low it set on Tuesday. The rebound by treasuries came as traders went bargain hunting even amid the release of a Labor Department report showing stronger than expected job growth in the month of November. The report said non-farm payroll employment jumped by 211,000 jobs in November compared to economist estimates for an increase of about 190,000 jobs. Job growth in September and October was also upwardly revised to 145,000 jobs and 298,000 jobs, respectively, reflecting 35,000 more jobs than previously reported. The Labor Department also said the unemployment rate held at the more than seven-year low of 5.0 percent set in the previous month, matching expectations. The stronger than expected job growth further cemented expectations the Federal Reserve will raise interest rates later this month, although the pace of monetary policy normalization is expected to be gradual. Joel L. Naroff, President and Chief Economist at Naroff Economic Advisors, said, "There really is nothing except a major crisis that will stop the Fed from its appointed first round of rate hikes." "All it would have taken is a mediocre employment report to provide the necessary cover to raise rates and the November data were more than that," he added. A separate report from the Commerce Department showed that the U.S. trade deficit unexpectedly widened in October, as exports fell at a faster rate than imports. The Commerce Department said the trade deficit climbed to $43.9 billion in October from a revised $42.5 billion in September. Economists had expected the trade deficit to narrow to $40.6 billion in October from the $40.8 billion originally reported for the previous month. The economic calendar for next week starts off relatively quiet, although reports on producer prices and retail sales are likely to attract attention later in the week. Bond traders are also likely to keep an eye on the results of the Treasury Department's auctions of three-year and ten-year notes and thirty-year bonds. The Treasury is due to sell $24 billion worth of three-year notes next Tuesday, $21 billion worth of ten-year notes next Wednesday, and $13 billion worth of thirty-year bonds next Thursday.

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NZ Dollar Falls Against Majors

The New Zealand dollar weakened against the other major currencies in the Asian session on Monday. The NZ dollar fell to 0.6699 against the U.S. dollar and 82.57 against the yen, from Friday's closing quotes of 0.6743 and 83.01, respectively. Against the euro and the Australian dollar, the kiwi dropped to 1.6208 and 1.0939 from last week's closing quotes of 1.6101 and 1.0865, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.65 against the greenback, 80.00 against the yen, 1.66 against the euro and 1.11 against the aussie.

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Fitch: Japanese Life Insurers Seek Overseas Growth Opportunities

Japanese life insurers are likely to strengthen their insurance business outside Japan in 2016 while accumulating foreign bond holdings to improve their investment yield, Fitch Ratings says in a new report. The Rating Outlook for Japanese life insurers has been revised to Stable from Negative, to be consistent with the Outlook for the Japan sovereign (Long-Term Local-Currency Issuer Default Rating at A). This reflects the insurers' high concentration of Japanese government bonds (JGBs) in their investment portfolios. The Sector Outlook remains Stable due to the overall improvement in earnings and sufficient capitalisation. Several Japanese major life insurers have started to acquire sizable life insurance companies (for around JPY1.4trn in total) in developed markets such as the United States and Australia, following the overseas expansion plans of The Dai-ichi Life Insurance Company, Limited (Insurance Financial Strength (IFS) Rating A/Stable). Fitch believes this trend will continue, given the ageing and contracting population in Japan, and will monitor any integration and governance risks from international M&A. Japan's life insurers are likely to continue moderately accumulating foreign bonds to seek higher yield, if the very low bond yields in Japan (at around 1% for 20-year JGBs) persist. Fitch expects currency risks (especially versus US dollar) may increase further, if insurers raise unhedged portions. Although the increasing allocation to foreign bonds will provide broader diversification from the concentration on JGB, currency risks need to be managed effectively given the majority of the life insurance liabilities are still yen-denominated. Fitch expects the life insurers to maintain their strong earnings level and solid capital adequacy in 2016. The nine major traditional life insurers' core profit was JPY1,194bn in the first half of the financial year ending March 2016, up from JPY1,117bn a year earlier. The nine insurers' average statutory solvency margin ratio was 923.5% at end-September 2015, compared with 897.7% a year earlier. The view is supported by an improving investment spread owing to accumulated foreign bond investments and the moderately expanding profitable "third sector" (health) insurance product businesses. The report titled "2016 Outlook:

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Japan averts recession with revised Q3 GDP data

Japan avoided a technical recession in the third quarter with the initial estimate of a contraction revised to an annualized growth of 1.0% from a preliminary reading of 0.8%. The revision, larger than an average market forecast for a revision to a 0.1% gain, implied the Japanese economy was in better shape than initially predicted. Cabinet Office reported capital expenditure was the main factor to the upgrade, revised up to a 0.6% increase from an initial decline of 1.3%. Despite the evasion of inflation, policymakers will remain under pressure to beef up growth by injecting additional stimulus measures.

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Australia Home Loans Slide 0.5% On Month In October

The total number of owner-occupied home loans in Australia fell a seasonally adjusted 0.5 percent on month in October, the Australian Bureau of Statistics said on Wednesday - coming in at 55,571. The headline figure beat forecasts for a decline of 1.0 percent following the 2.0 percent increase in September. The construction of new dwellings slipped 0.4 percent on month to 5,750, while the purchase of new dwellings lost 1.6 percent to 2,953 and the purchase of established dwellings slid 0.5 percent to 46,868. The value of owner-occupied home loans added 0.4 percent on month to A$21.153 billion following the 3.0 percent jump a month earlier. Investment lending skidded 6.1 percent on month to A$11.490 billion following the 8.2 percent contraction in the previous month. The overall value of all loans slipped 2.0 percent to A$32.643 billion. Also on Wednesday, the latest survey from Westpac Bank showed that consumer confidence in Australia slowed in December as its index slipped 0.8 percent. That brings the index score down to 100.8, although it still remains above the 100-point level where optimists outnumber pessimists. In November, the index had jumped 3.9 percent to a reading of 101.7.

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Germany warns to overturn eurozone bank deposit scheme

Germany's Finance Minister Wolfgang Schäuble warned he is prepared to bring the case to the court to overturn Brussels' plans for a eurozone deposit guarantee system. Schäuble also attacked the European Central Bank for promoting the scheme, saying it was not properly intermediating in a policy beyond its monetary remit. The minister specifically lashed out ECB Vice President Vitor Constâncio as the bank was running roughshod over rules mandating it to place a firewall between monetary policy decision making and bank supervision. The European Commission sought to guarantee Germany it is determined to contend with the remaining risks in the banking system and pool responsibility to backstop deposits as well. Deposits are insured up to €100,000 across the region.

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European Economics Preview: German Exports Data Due

Foreign trade from Germany is the major report due on Wednesday, headlining a light day for the European economic news. At 1.45 am ET, the State Secretariat for Economic Affairs is slated to publish Swiss unemployment data for November. The jobless rate is seen unchanged at seasonally adjusted 3.4 percent. At 2.00 am ET, Destatis publishes Germany's foreign trade data. The trade surplus is expected to fall to EUR 21.7 billion in October from EUR 22.9 billion in September. Exports are forecast to fall 0.6 percent on a monthly basis in October. At 3.00 am ET, inflation figures are due from the Czech Republic. Inflation is forecast to double to 0.4 percent in November from 0.2 percent in October. In the meantime, foreign trade reports are due from Denmark and Slovakia. The Central Bank of Iceland is set to announce its interest rate decision at 3.55 am ET.

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Australia Unemployment Rate Falls To 5.8%

The jobless rate in Australia slipped to a seasonally adjusted 5.8 percent in November, the Australian Bureau of Statistics said on Thursday. That handily beat forecasts for 6.0 percent and was down from 5.9 percent in October. The Australian economy added 71,400 jobs in November to 11,900,600 - blowing away forecasts for a decline of 10,400 jobs following the downwardly revised increase of 58,300 (originally 58,600). Full-time employment increased 41,600 to 8,205,800 and part-time employment increased 29,700 to 3,694,800. The participation rate came in at 65.3 percent - also beating forecasts for 65.0 percent, which would have been unchanged. Unemployment decreased 2,800 to 739,100. The number of unemployed persons looking for full-time work decreased 9,400 to 517,400 and the number of unemployed persons only looking for part-time work increased 6,600 to 221,700. Monthly hours worked in all jobs decreased 12.7 million hours (0.8 percent) to 1,645.9 million hours. The labor force underutilization rate decreased 0.2 points to 14.3 percent, based on unrounded estimates. The male labor force underutilization rate fell 0.2 points to 12.3 percent. The female labor force underutilization rate decreased 0.2 points to 16.6 percent.

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Ford to allocate $4.5 billion in developing electric car

Ford Motor Co. announced a $4.5 billion investment aimed at creating more capable electric version of the Focus small car in 2016, the first of 13 new electric vehicles it pledged to develop in the next four years. The move came as carmakers, including General Motors Co., have committed to offering a wider array of long-range electric cars even as low gasoline prices decreases demand for more efficient automobiles. The upgraded Focus, which can travel 100 miles on a charge, will be produced late next year. It will also be equipped with new technology enabling drivers to charge the battery 80% in 30 minutes.

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U.S. Dollar Rises Against Majors

The U.S. dollar strengthened against the other major currencies in the Asian session on Friday. The U.S. dollar rose to 1.3658 against the Canadian dollar for the first time since June 2004, from yesterday's closing value of 1.3624. The greenback advanced to a 2-day high of 122.15 against the yen, from yesterday's closing value of 121.53. Against the euro, the pound and the Swiss franc, the greenback edged up to 1.0927, 1.5135 and 0.9890 from yesterday's closing quotes of 1.0940, 1.5159 and 0.9873, respectively. The greenback edged up to 0.6735 against the NZ dollar, from yesterday's closing value of 0.6753. If the greenback extends its uptrend, it is likely to find resistance around 1.41 against the loonie, 124.00 against the yen, 1.07 against the euro, 1.49 against the pound, 1.02 against the franc and 0.66 against the kiwi.

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UK regulator to humiliate inefficient asset managers

UK regulators are slated to name and shame asset management groups that fail to properly coordinate with entities over pay, succession, and other corporate governance matters. For the first time in July, the Financial Reporting Council will unveil the investment groups that are not pressuring firms enough in their roles as custodian of other people's money. Companies that fail to adhere to stewardship standards will be placed on six months' notice to step up their game. FRC Chair Sir Winfried Bischoff said the stewardship code has helped bolster the profile of stewardship and resulted in improvements in the engagement between investors and corporations.

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ECB to hit inflation target without delay - Draghi

European Central Bank President Mario Draghi said the central bank should reach its inflation target without any delay and there were no limits to what it can implement to bolster price growth if needed. With inflation gliding above zero, the ECB has been easing its monetary policy this year to ignite price growth, fearing any delays in attaining the inflation rate of just below 2% could dent its credibility. Draghi justified the central bank's latest package of measures as well, which includes slashing deposit rate and extending its asset-buying program but fell short of market projections.

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Mexico Leading Index Rises For Second Month

The leading index for Mexico, which measures the future economic activity, increased for the second straight month in October, figures from the Conference Board showed Monday. The Conference Board leading economic index climbed 0.7 percent in October, following a revised 0.5 percent rise in the prior month. In August, the index had fallen 1.6 percent. Out of the six components, five c‪#‎forex_demotivator‬ontributed positively to the index in October. The coincident index that reflects the current economic activity rose 0.3 percent in October, the same rate of increase as in September. All three components gained during the month. Despite the small improvements in both the LEI and CEI, the persistent weaknesses among the leading indicators over the last six months continue to suggest that Mexico's rate of economic expansion is unlikely to pick up in coming months, the Conference Board said.

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