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Nothing but a sea of green for the Greenback thanks to positive U.S.-China trade sentiment, as well as a run of net better-than-expected sentiment / economic updates from the U.S.
United States Headlines and Economic data
Monday:
- Fed’s Kashakri calls for no more rate hikes until inflation hits 2%
- China pressing Trump to remove more tariffs ahead of trade deal signing
- U.S. factory orders fall in September; core capital goods revised down
Tuesday:
- The U.S. monthly international trade deficit decreased in September 2019 by -$52.5B according to the U.S. Bureau of Economic Analysis
- U.S. Trade With China Tumbled in September After Fresh Tariffs
- Fed’s Barkin: Conflicting signals make U.S. economy hard to read
- October ISM non-manufacturing index comes in at 54.7, vs 53.5 estimate
- Robert Kaplan Says Steeper Yield Curve a Sign Fed Rates Now Appropriate
- Fed’s Barkin says recession is not imminent
- US considers dropping some tariffs on China – in a very busy day for Dollar watchers, this was likely the biggest influence for the Greenback’s rally higher, which likely significantly raised the odds of a deal actually happening in some traders’ minds.
Wednesday:
- Fed’s Evans: Current interest rate would not withstand shock
- Fed is data-dependent from here, NY Fed’s Williams says
- Market teeters on Trump, Xi meeting location, hoping a logistics snag is not sign of bigger issue
- US productivity drops by most since the fourth quarter of 2015
Thursday:
- U.S. consumer credit rises at slowest pace since June 2018
- A broadly strong rally for the U.S. dollar during the Thursday session, likely on news that China says it has agreed with U.S. to cancel tariffs in phases
Friday:
- Fed’s Bostic says he would have dissented against last rate cut, economy is solid
- U.S. consumer sentiment improves a bit in November
- Fed Governor Lael Brainard says the central bank needs to guard against climate change
- Global risk sentiment turned sour to likely support the Greenback after reports of internal opposition to the trade deal and after Trump said he has not agreed to roll back the tariffs on China.