The euro is falling after the European Central Bank unexpectedly announced it would slow the pace of its stimulus (aka quantitative easing) in favor of extending it through December 2017 in effort to boost the Eurozone’s sluggish economy. The central bank kept interest rates at 0%, as expected. Tomorrow morning brings Germany’s latest trade data and Greece’s industrial production and consumer inflation readings.
The pound is also trading lower against a stronger US dollar as investors wait for tomorrow morning’s latest UK consumer inflation estimates and trade balance data.
Closer to home, the US dollar is rising as continuing jobless claims showed fewer people filing for unemployment than expected this week. Tomorrow morning we’ll see the Michigan consumer survey and October’s wholesale inventory results.
To our north, the Canadian dollar is up slightly on rallying oil prices and stronger-than-expected building permits and new housing price growth.
In the Pacific, the Australian dollar is tumbling as investors wait for Australia’s home lending data and China’s consumer and producer inflation readings scheduled for release tonight. The Japanese yen continues to weaken against the US dollar tied to its stronger economy.
EURUSD: The euro is down after the ECB’s stimulus extension announcement.
GBPUSD: The pound is also lower against a stronger US dollar with no new data set to come out until tomorrow.
AUDUSD: The Aussie dollar is tumbling as investors wait for new data out of Australia and China tonight.
USDCAD: The Canadian dollar is rising along with oil prices and strong building permit growth.