The US$ has picked up a bit of ground following the release of the FOMC Statement in which there were no surprises. Rates remained on hold and the Fed expects to hike in December, with further steady interest rate increases through 2019. The Euro is leading the way down and another test of the 1.1300 double bottom appears to be on the cards.
In other markets WTI is down for the 9th consecutive session with traders seemingly focused on the new weekly record high of 11.6 million barrels per day in US crude production, as released by the EIA. Stocks were slightly lower in a range bound session as were the metals.
Friday will begin with a busy Asian session, featuring the Australian Home Loans/Investment Lending for Homes, RBA Monetary Policy Statement and the October China CPI (exp 0.2%mm, 2.5%yy) & PPI (exp 3.4%yy). Europe will then be relatively quiet aside from the UK which will see the Preliminary Q3 GDP (exp 0.1%mm, 0.3%qq, and 1.5% yy), Goods Trade Balance, Manufacturing/Industrial Production and Trade Balance. The US will feature the October PPI (exp 0.2%mm, 2.6%yy). Central Bank speakers will include the ECB’s Coeure and the Fed’s Quarles. Have a good weekend.
Other Economic data highlights will include:
Fri: Australian Home Loans/Investment Lending for Homes, RBA Monetary Policy Statement, China CPI, PPI, UK Manufacturing/Industrial Production, Provisional UK Q3 GDP, Trade Balance, US PPI, Wholesale Inventories, Michigan Consumer Sentiment Index.
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