The array of US data on Thursday did little to awaken the dollar from its slumber and most pairs are generally not too far from previous levels although it is trading a little on the soft side heading into Friday and could be in danger of losing some of its recent upside momentum as the reality of actually passing Trump’s tax plan takes hold. Released from US, the initial jobless claims rose by 12k to 272k, above expectation of 269k, while the continuing claims dropped -45k to 1.93m in the week ended September 16. The US Trade deficit narrowed to USD -62.9b in August, the wholesale inventories rose 1.0% and importantly, the Q2 GDP was revised up to 3.1% with price index unchanged at 1.0%. US stocks were unchanged but remained firm, with the S+P briefly making another new all-time high, while the metals were rangebound and WTI a little lower after making a new trend high earlier in the US session.
Friday will be a busy session, beginning with a whole raft of Japanese data, headed by the CPI (exp 0.7% mm) the Australian Private Sector Credit and the Caixin China Manufacturing PMI. Europe will then be busy, with the German Retail Sales (Aug – exp 0.5%mm, 3.3%yy) and EU CPI (Sept – exp 1.6% yy, Core 1.2%yy) along with the UK Q2 GDP (exp 0.3% mm, 1.7%yy) and BOE Speeches from Carney/Broadbent. The main attraction in the US well be the Personal Consumption/Expenditure Index for Aug (exp 0.2%) alongside the Chicago Purchasing Managers Index, the Michigan Consumer Sentiment Index and a speech from the Fed’s Harker. Have a good weekend.
|INDICES / COMMODITIES|
|ASX SPI: 5660|