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United States Dollar:
The USD needed a strong day to take focus from the Consumer confidence reading that slowed its rally. However this did not materialise. New Home Sales came in under forecast and we saw the USD fall against the GBP and EUR. With the USD trading as high as it has been, hitting 9 month highs against the basket of 6 major currencies, its small decline is nothing to be alarmed by and we are already seeing these losses eroding as the day continues. The goods trade balance hit -56.1bn from -60.6bn expected and the chance of a December rate hike hit 78.3% so a strong USD is still what we are seeing. Today we have the USD Durable Goods Orders and Unemployment data due this afternoon.
In a slow data day Wednesday the GBP seemed to do relatively well. It eroded most of its recent losses reaching 1.1228 against the EUR and 1.2247 against the USD. The GBP strength came in part from BBA Mortgage Approvals reaching a 3 month high. It also came from the markets late digestion of Mark Carneys speech. The speech ... read more
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