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Dollar Index Hits a 16-month high on Strong Data, Stocks Rebound

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USD

The dollar index which measures the greenback against a basket of major currencies climbed to a sixteen-month high of 97.08 on stronger economic outlook. The Consumer confidence rose to an eighteen-year high of 137.9. Moreover, the risks emerging from Europe, whether from the Italian budget or the Brexit deal, are providing good support for the United States dollar. Market participants await the ADP Nonfarm Employment Change later today.

GBP

The British pound weakened against major currencies as concerns about Brexit led investors to ignore hopes of an end to austerity. Chancellor Philip Hammond said on Monday that if Britain couldn't reach a deal with the European Union, he can't promise higher spending. The GBPUSD reached a low of $1.2696, the lowest since mid-August.

JPY

The Japanese Yen weakened to a three-week low against the United States dollar on dovish comments from the Bank of Japan. The BoJ left the monetary policy unchanged but lowered the inflation forecasts which signals that the bank will adopt low rates for an extended period of time. Moreover, the bank addressed the risks arising from trade tensions and their effects on the global economy. The USDJPY rose to 113.33 following the meeting decision.

Equities

Major U.S. indices finished higher on Tuesday as Trump said that he is ready to negotiate a trade deal with China. The reversal started during the Asian session on Tuesday and is still in play. The Dow Jones Industrial Average futures traded at a high of 25001, the S&P500 futures rose to a high of 2703, and the Nasdaq futures climbed to a high of 6895.

Metals

Gold prices drifted lower for the third consecutive day as the U.S. Treasury yields and the dollar edged higher. The gold ounce traded at a low of $1215 ahead of the European trading session, and the silver ounce tumbled to a three-week low of $14.27.

Oil

Oil prices rebounded from a two-month low despite the build-up in US weekly crude oil stock. The American Petroleum Institute reported that the US crude oil stock rose by 5.7 million barrels last week. Prices received support from the stock market pullback and the start of the U.S. sanctions on Iran next week. The West Texas Intermediate crude futures rose to a high of $66.97, and the Brent futures traded at a high of $77.10. Market participants await the release of the official inventories data by the Energy Information Administration later today.

Major Economic Events

GMT Country Event Expectation Previous
10:00 EU Core CPI (YoY) P 1.0% 0.9%
10:00 EU CPI (YoY) (Oct)  P 2.1% 2.1%
12:15 US ADP Nonfarm Employment Change (Oct) 189 230
12:30 CA GDP (YoY)   2%
12:30 CA GDP (MoM) (Aug)   0%
14:30 US Crude Oil Inventories 4.110 6.346
20:15 CA BoC Gov Poloz Speaks    


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