Greenback Edged Higher, Aussie Subdued

Market Reviews

The greenback has reinforced, but upside impulse is feeble. Pound is still weak due to unsuccessful Brexit settlements. Australian dollar lost the strength as GDP turned out to be a disappointment. Gross Domestic Product of the third quarter increased 0.6% qoq. Consumer spending rose 0.1% qoq, marking the 12-year minimum. Today, Bank of Canada is going to announce its rate, but no changes are expected and the rate is likely to stick at 1.00%. The Republicans are about to reconcile the tax bill with Senate.

Charles Evans (Chicago Fed President) started questioning the case of a rate hike in December. He says the lift should be executed in summer so that inflation would have the time to improve. David Davis (Brexit Secretary) claimed that the situation with the Northern Ireland border is being discussed among the government. Some are worried that NI would live the European Union later than the rest of the United Kingdom. Theresa May’s deadline for imposing the final divorce offers is Friday or Sunday.

Today, Germany will release factory order, Swiss will show Consumer Price Index, Eurozone will announce retail PMI, the US will feature ADP employment, non-farm productivity and Canada will present labor productivity.