The pound is climbing after this morning’s October borrowing data showed the highest UK mortgage approval volumes since March. This news and other recent economic results out of the UK have signaled the country may be doing better than expected since June’s Brexit vote. We’ll get more insight on the UK’s financial sector health tomorrow morning with the Bank of England’s Financial Stability Report.
Nearby, the euro is tumbling against a rising US dollar after this morning’s underwhelming consumer confidence and inflation results out of Germany and the broader Eurozone. Tomorrow morning brings Germany’s latest retail sales and unemployment rates, Italy and the broader Eurozone’s inflation readings, and a speech from European Central Bank President Draghi.
Stateside, the US dollar is rising after revised GDP data showed the US economy grew slightly more than expected during the third quarter. Tomorrow morning we’ll see October’s ADP jobs report, personal income/spending data, and pending home sale numbers.
To our north, the Canadian dollar is trading lower as oil prices drop below $46.
In the Pacific, the Australian dollar is also down as investors await tonight’s new home sales, building permits, and private sector credit results. The Japanese yen is down sharply today against the rising US dollar as investors expect more Federal Reserve interest rate increases under a Trump presidency. Investors are also waiting for Japan’s November manufacturing activity report set to come out tonight.
EURUSD: The euro is trading lower against a rising US dollar after disappointing Eurozone consumer confidence and inflation readings.
GBPUSD: The pound is up thanks to the strongest monthly mortgage application volumes since March.
AUDUSD: The Aussie dollar is down as investors await tonight’s new home sales and building permits data.
USDCAD: The Canadian dollar is falling along with oil prices.