At long last it’s Election day in the US, and the dollar is trading mostly flat as investors wait breathlessly for tonight’s vote results. Later this morning we’ll see September’s JOLTs jobs openings report and hear a speech from Federal Reserve member Evans before noon. Tomorrow could be volatile for the currency markets as investors digest the election outcome along with the latest mortgage applications and wholesale inventory readings.
Across the pond, sterling is trading choppy after a disappointing industrial production report and a stronger-than-expected manufacturing production report for September. Three-month GDP estimates from the National Institute of Economic and Social Research are set to come out later this morning, which could give us more insight on how optimistic economists are for the UK and the pound. Tomorrow will be light with just UK trade balance data out in the morning.
The euro is trading mostly flat after Germany’s industrial production and trade results came out with mixed results. Tomorrow morning will bring Portugal’s trade balance and unemployment data followed by the European Commission’s Eurozone economic growth forecasts out in the afternoon.
Closer to home, the Canadian dollar is down slightly with lower oil prices and as the latest housing starts and building permits report missed growth expectations.
In the Pacific, the Australian dollar is trending lower after last night’s data showed weaker-than-expected business confidence and disappointing trade results out of China. Aussie dollar investors are waiting for tonight’s consumer confidence survey as well as inflation data out of China. The Japanese yen continues to weaken against the US dollar as investors favor the greenback’s perceived safe-haven status.
EURUSD: The euro is trading flat on mixed German industrial and manufacturing reports.
GBPUSD: The pound is trading choppy after mixed industrial and manufacturing production readings.
AUDUSD: The Aussie dollar is falling after last night’s disappointing trade data out of China.
USDCAD: The Canadian dollar is slightly lower as oil prices dip and as housing starts and building permits missed targets.