US Dollar Recovers After Firm Economic Data
The US dollar is trying to recover after positive economic data. But still, the US currency remains under pressure against the euro and the British pound. The US Employment cost index rose by 0.7% in the third quarter in line with expectations. Meanwhile, in annual terms, the index rose by 2.5%, reaching a nine-year high. S&P Case-Shiller house price rose 5.9% yoy in August.
The Canadian dollar weakened after weak data on economic growth. Canada's GDP fell by 0.1% in August, below the forecast of +0.1%.
The euro remains volatile after mixed economic data, which shows steady growth, but sluggish inflation. GDP growth in the euro area slowed to 0.6% quarter-on-quarter in the third quarter. The economy of the Eurozone has grown by 2.5% yoy, and this is the highest indicator since 2011. The unemployment rate in September fell to 8.9%, with a 9.0% forecast. This is the lowest level since January 2009. The consumer price index slowed to 1.4% year-on-year in October from 1.5% in September.