The US dollar is surging to its highest levels since February on the possibility that a President Trump and a Republican congress could boost federal spending and economic growth when they start in January 2017. The greenback is also getting a lift from low weekly jobless claims, which have been showing the fewest claims in decades in recent weeks. Tomorrow morning’s consumer sentiment survey and the Baker Hughes US oil rig count will finish out the week’s data for the US.

Across the ocean, the euro is trending slightly lower against the strengthening US dollar as France’s industrial output unexpectedly shrank in September while non-farm payrolls grew slightly more than anticipated in the third quarter. Germany’s consumer inflation numbers for October are out early Friday morning.

The pound is up slightly this morning with no new data scheduled until Friday morning’s economic forecasts from the Conference Board.

Elsewhere, the Australian dollar is beginning to slide against the rising US dollar as investors await tonight’s speech from RBA Assistant Governor Debelle. The Canadian dollar is trading lower as oil prices dip below $45 per barrel, despite September’s new housing price growth meeting expectations. The yen continues to strengthen against the US dollar as investors favor its safe-haven status over the greenback’s post-election uncertainty.

EURUSD: The euro is down against a rising US dollar as France’s industrial production unexpectedly contracted.

GBPUSD: The pound is up slightly despite no new data scheduled for the rest of this week.

AUDUSD: The Aussie dollar is dipping against a stronger US dollar as investors await a speech from RBA Assistant Governor Debelle.

USDCAD: The Canadian dollar is falling as oil prices dip.