The US$ is mixed on Thursday, unable to take too much advantage of the Q3 GDP growth which was revised higher to 3.3% annualised, up from 3.0% and beating expectation of 3.2% to be the fastest rate of growth in three years. Janet Yellen also lent some support to the dollar by saying that the economy has strengthened further in 2017 and is increasingly broad-based. The major mover has been Sterling, which continues to benefit from the latest positive Brexit headlines. US$Jpy is also slightly firmer, while the commodity bloc currencies are heavy, as are commodities, with the metals and oil all trading lower. Stocks are mixed after having made yet new all time highs.
The OPEC Meeting will be in full focus today and any decision from here is likely to flow though into other markets. That aside, Asia will open with the Australian New Home Sales, Building Permits and the Q3 CAPEX figures (exp 1%), while NZ will deal with the November Business Confidence and Activity Outlook. Later in the Asian morning the China Mfg/Non-Mfg PMIs while Japan will also see some data, including the Industrial Production, Housing Starts and Construction Orders along with the Foreign Bond/Stocks Investment. Europe will look to the German Retail Sales, Unemployment and the EU Financial Stability Report ahead of the major events of the day, the EU CPI (exp 1.6% yy, Core 1.1% yy) and then from the US, the Personal Consumption/Expenditure Price Index (exp 0.2% mm, 1.4% yy). The Chicago Purchasing Managers Index will also be released, while today’s Central bank speakers will feature Praet (ECB) and Kaplan (Fed).
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