US Dollar Strengthened Against Major Currencies

The US dollar is trading higher against the major currencies amid hopes of a tax cut in the US. The euro remains volatile against the US dollar. Nevertheless, commodity currencies are trading as the weakest. As expected, the RBA left the cash rate unchanged at 1.5%.

Retail sales in the euro area rose by 0.7% in September, while the retail PMI fell to 51.1 in October. Industrial production in Germany fell by 1.6% mom in September. Swiss Foreign currency reserves rose to CHF 742b in October.

In China, foreign exchange reserves increased by USD 7.03b to USD 3.1092T. The growth in reserves in September was below the market expectations of USD 9.5b.