US Q3 GDP 1.5% vs. 1.6%
- Preliminary Industrial production m/m 1.0% vs. -0.5%
- Australia HIA new home sales m/m -4.05% vs. 2.3% previously
- Australia Import prices q/q 1.4% vs. 1.6%
- UK Nationwide HPI m/m 0.6% vs. 0.5%
- Spain flash CPI y/y -0.7% vs. -0.6%
- UK Net lending to individuals m/m 4.9bn vs. 4.4bn
- UK M4 money supply m/m -1.0% vs. -0.2%
- Canada RMPI m/m 3.0% vs. 1.2%; IPPI m/m -0.3% vs. -0.1%
- US Advance GDP estimates q/q 1.5% vs. 1.6%
- US Weekly unemployment claims 260k vs. 264k
- US Advance price index q/q 1.2% vs. 1.5%
Later
- US Pending home sales
- FOMC Member Lockhart speech
The markets remained mixed after yesterday’s surprise from the FOMC’s statement which put the December rate hike strongly on the table. While the US Dollar surged yesterday, it remained strong into the Asian trading session but soon remained mixed but the commodity risk currencies remained subdued. The New Zealand dollar is down -0.24% after yesterday’s RBNZ meeting where the Central Bank left interest rates unchanged but signaled further rate cuts. NZDUSD tested session highs of 0.6692 before declining but remains within yesterday’s range.
The Australian dollar is down -0.36% against the Greenback, trading near a 3-week low at 0.707 at the time of writing. Economic data from Australian included the new home sales which declined -4.05% for the month while import prices increased at a pace of 1.4%, below estimates of 1.6%.
The Japanese Yen is nearly flat today and remains range bound within yesterday’s range. USDJPY was seen testing the 121 handle after prices briefly tested 121.25 yesterday. Data from Japan today saw the preliminary industrial production data which increased 1.0%, below estimates of -0.5%. The Yen however awaits the BoJ’s decision tomorrow where the speculation is high that the Central bank could ease the QQE program.
The European trading session opened on a quiet note with no major releases. UK’s net lending to individuals increased by 4.9 billion while the M4 money supply fell -1.0%. The British Pound remains weak against the Greenback down -0.10% for the day trading near 1.525 handle. The Pound posted strong losses yesterday after the FOMC meeting.
The Euro was also flat today after the single currency fell to 1.09 yesterday on the FOMC event. The Euro had little incentive to retrace any of the losses from yesterday and remained largely flat across the board.
The US trading session saw the release of the third quarter GDP numbers which saw the US economy expand at a pace of 1.5%, missing estimates of 1.6% and down from 3.9% previously. The quarterly price index was also subdued, rising 1.2% missing estimates of 1.5%. The US weekly unemployment claims also released showed 260k unemployment claims below estimates of 264k. The US dollar remained mixed on the news.
Later in the evening FOMC Member Lockhart is due to give a speech while the pending home sales numbers are also due for release.
