The US dollar is trading slightly higher and could continue its multi-day rally thanks to October’s stronger-than-expected retail sales and trade inflation readings. We’ll see September’s business inventory levels later this morning. Tomorrow will bring producer inflation and industrial production results, as well as US housing market sales and forecasts.
Across the pond, sterling is sliding after UK consumer price growth (inflation) missed expectations, signaling shopper demand may not be as healthy as analysts anticipated. The UK labor market’s latest wage growth and unemployment results will be out tomorrow morning.
Nearby, the euro is trading mostly flat as economic forecasts and preliminary Q3 GDP reports out of Germany, Italy, Portugal, and the broader Eurozone were on par with expectations. The European Central Bank will hold a non-monetary meeting tomorrow morning.
Closer to home, the Canadian dollar is recovering from losses yesterday as oil prices rebound sharply past $45 per barrel. Canada’s September manufacturing shipment numbers are scheduled to come out tomorrow morning.
In the Pacific, the Australian dollar is tumbling as investors wait on economic forecasts, new motor vehicle sales from October, and Q3 wage inflation results set to come out this evening. The Japanese yen continues to weaken against the US dollar after Japan’s latest inflation numbers showed weak demand.
EURUSD: The euro is mostly unchanged as economic data out of the Eurozone came in line with expectations.
GBPUSD: The pound is down after this morning’s disappointing consumer inflation results.
AUDUSD: The Aussie dollar is trading lower as investors await tonight’s motor vehicle sales and wage data.
USDCAD: The Canadian dollar is up as oil prices rally past $45 per barrel.