The US$ is generally a little firmer on Friday, while stocks have rebounded strongly from their recent lows after the US House of Representatives passed the tax reform bill, with the Senate likely to have their vote after the Thanksgiving weekend. The dollar’s move though does not seem to have any real conviction, in what has been a very quiet session by recent standards, with most pairs pretty much unchanged from yesterday. The main mover today has been Sterling, which is a little higher after a better than expected UK Retail Sales figure (-0.3% vs expected -0.6%). in other data, the US initial jobless claims rose to 249k last week, exceeding expectation of 234k. while the continuing claims dropped -44k to 1.86m, hitting the lowest level since December 1973. The Philly Fed manufacturing index dropped to 18.9, below expectation of 24.1 while the import price index rose 0.2% mm in October and Industrial production rose 0.9% in October. Capacity utilization rose to 77.0%. The metals and oil have both had tight, rangebound sessions.
For the most part Friday should be fairly quiet with not too much data although there will be a couple of points of focus. The NZ PPI and Australian New Motor Vehicle Sales should hardly create a ripple but later in the day, ECB Governor, Mario Draghi will be speaking as will the Buba president Weidmann. Also from the EU we get the September Current Account and Construction output data. From the US comes the Housing Starts and the Building Permits as well as the Kansas Fed Mfg Activity. That is about it though, so have a good weekend.
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