FX Update: The dollar traded steady-to-firmer
FX Update: The dollar traded steady-to-firmer during the pre-European open session in Asia. USD-JPY lifted to the 112.20 area after making a 111.63 intraday low in early Tokyo. Above-forecast Japanese retail sales and household spending data prompted a bout of yen buying, but this proved to be short-lived. EUR-USD settled to a narrow orbit of the 1.0600 level. USD-CAD lifted to a peak of 1.3436 before settling around 1.3420-25, still fractionally higher than yesterday's New York closing level. AUD-USD steadied at near net unchanged levels around 0.7470-75. Oil and other commodity prices traded lower, the former correcting after rallying 2.5% yesterday as participants jostle positions into tomorrow's OPEC meeting, the outcome of which will have a decisive bearing on crude prices. Markets are also anticipating a mini-flood of data, which will culminate on Friday with the U.S. jobs report for November.