The pound is sliding as manufacturing and industrial production unexpectedly contracted during October, breaking the UK’s recent trend of positive economic reports. The UK’s next data won’t come out until Friday morning’s latest consumer inflation estimates and trade balance data.
The euro is rising as investors await tomorrow’s European Central Bank (ECB) meeting, where the ECB is expected to hold interest rates and stimulus levels steady as the Eurozone keeps its economic resilience. Tomorrow morning we’ll also see Italy’s Q3 jobs data and industrial output.
Closer to home, the US dollar is trading mostly flat as investors wait for this morning’s JOLTS jobs openings report for October and this afternoon’s consumer credit numbers for October. Tomorrow will be light data wise with the usual weekly jobless claims reports out in the morning.
To our north, the Canadian dollar is down as oil prices fall closer to $50 per barrel. The Bank of Canada held interest rates steady at its meeting this morning, as expected.
In the Pacific, the Japanese yen continues to weaken against the US dollar, which is tied to a stronger economy. Meanwhile, the Australian dollar is down after last night’s Q3 GDP results showed the economy unexpectedly contracted compared to the prior quarter. Aussie dollar investors are now waiting on Australia’s latest home lending growth results and China’s latest consumer and producer inflation readings set to come out tonight.
EURUSD: The euro is up as investors await tomorrow’s ECB meeting.
GBPUSD: The pound is down after disappointing manufacturing and industrial production reports.
AUDUSD: The Aussie dollar is falling after last night’s poor Q3 GDP results.
USDCAD: The Canadian dollar is also down as oil prices fall.