Dollar steady after better economic data

Dollar steady after better economic data

The US dollar edged higher overnight. US stocks opened little changed following yesterday’s biggest decline in four months. Traders are digesting a great deal of information today: the better-than-expected US economic data released this morning; Covid-19 lockdowns Europe; central bank meetings; and US Q3 corporate earnings. US T-bonds are virtually unchanged. Oil and gold are both lower.

“At any given moment, public opinion is a chaos of superstition, misinformation and prejudice.”
Gore Vidal
  • FX Rates
    October 29, 2020

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  • USD

    The dollar made small gains overnight, and was steady following upbeat US economic data: Initial Jobless Claims (Actual 751K versus Survey 770K); GDP Annualized QoQ (33.1% versus 32.0%), Personal Consumption (40.7% versus 38.9%) and GDP Price Index (3.6% versus 2.9%). Earnings from Facebook and Alphabet are reported today.


    The UK pound is lower by 0.40%, as traders await news on progress in the UK-EU Brexit trade negotiations, now expected to be finalized mid-November. PM Boris Johnson is under increased pressure to restart lockdown measures in the UK.


    The euro is trading around $1.17, as traders digest this morning’s European Central Bank announcement: the ECB benchmark rates were left unchanged, and ECB comments remained dovish, citing a deteriorating economic outlook in Europe over the near-term.


    The loonie is lower by 0.4%, and in line with most other G-10 currencies versus the US dollar. This morning’s Canada’s CFIB (small) business barometer was weaker than expected, but more firms said they intend on making capital expenditures over the next three months. Building Permits for September increased 17%, much improved over August’s 1.7%.


    The Japanese yen and Chinese yuan are the only currencies that did not lose value overnight versus the US dollar. Although their gains were slight, they showed stability despite chaotic equity markets. The Bank of Japan lowered its economic growth forecasts for the current fiscal year citing global coronavirus uncertainty, while leaving its monetary policy unchanged.

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Cate Camerota
Cate Camerota

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