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Busy week of economic updates for the U.S., but it was all about the Federal Reserve’s latest monetary policy statement, which ended up sinking the Greenback into the weekend.
United States Headlines and Economic data
Monday:
- U.S. Wholesale inventories for September down 0.3% m/m, up 5.0% y/y
- U.S. Treasury’s Mnuchin says U.S. will ramp up pressure on Iran
- Chicago Fed National Activity Index Points to Slower Economic Growth in September
- The Dallas Fed manufacturing production index fell nine points to 4.5
Tuesday:
- U.S. pending home sales increase more than expected
- The CB U.S. Consumer Confidence Index decreased marginally in October to 125.9, down from 126.3 in September.
Wednesday:
- U.S. private payrolls increase by 125,000 in October, topping expectations
- US GDP rose a better-than-expected 1.9% in the third quarter as consumers continued to spend
- In the afternoon U.S. session, the Federal Reserve cut interest rates another quarter point and lowered expectations of an interest rate hike any time soon. This had a broad global risk-on effect, pushing the Greenback lower against the rest of the majors, with exception to the Loonie who had its own issues after a surprisingly dovish statement from the Bank of Canada.
Thursday:
- US consumer spending rises moderately
- Chicago PMI weakens further in October to 43.2 from 47.1 previous
- Trump says U.S., China to announce new venue to ink trade deal soon – more positive global risk sentiment from this news, likely adding pressure to an already beat up U.S. dollar.
Friday:
- U.S. job growth slows less than expected despite GM strike
- The ISM purchasing manufacturing index came in at 48.3% last month, compared with a 47.8% reading in September
- U.S. construction spending beats expectations on homebuilding
- Fed’s Clarida says the U.S. economy is in good place after rate cuts
- U.S., China trade working hard to conclude trade deal: Mnuchin
- New York Fed’s Williams Says Economy Is in ‘Very Good Place’