XE Market Analysis: North America – Oct 09, 2015

The dollar and yen dove against the euro, commodity currencies and a variety of emerging world currencies as a risk-on sentiment coursed through global markets. The pound was also among the underperformers following an unexpected 4.3% m/m contraction in UK construction output in August. EUR-USD rose 0.7% in piercing 1.1360 for the first time since Sept-18. The run was sparked by above-forecast French production numbers, data not normally a euro mover but today caught a market bearish on the dollar following yesterday’s sans-hawkish-surprises FOMC minutes.