The Dollar has had an uneven 24 hours ahead of three important sets of US data out later today. It has appreciated slightly against the Australian Dollar – which has wobbled following the release of weak Chinese industrial profit data – and against Sterling with GBP/USD down to 1.284. The Kiwi Dollar has however held its own as has the Euro.
The US will today release data for durable goods orders (October), the second estimate of Q3 GDP and personal income, spending and PCE prices (October). The first reading for US GDP growth in Q3 surprised on the upside at 1.9% qoq annualised, down only fractionally from 2.0% in Q2. But ultimately market focus is likely to shift towards Q4 GDP numbers with signs that US economic growth slowed materially in the last quarter of the year, in part due to slowing consumer demand growth. October data should help fill some of these blanks.
