NAFTA negotiations are expected to weigh heavily on the Canadian dollar given Canada exports 75 percent of its goods to the US. President Trump is threatening to cut it in half and if this turns out to be more than just scare tactics the Loonie could come under significant pressure. USD/CAD traded up to 1.2753 overnight.
UK 3-month Average Earnings are expected to have risen 2.1 percent in September. Data is published today at 1030 CET, and expected slightly slower from 2.2 percent growth in the last print. GBP/USD recovered on Tuesday, and traded above 1.32 on Wednesday.
US inflation is expected to have slowed from last month, with CPI expected at 0.1 percent from 0.5 percent. EUR/USD soared above 1.18 and trades at 1.1840 early in European trade. USD/JPY slipped to 112.76.
US crude oil inventories showed a surprise increase last week, adding 2.2 million barrels after expectations showed inventories decreasing by -2.5 million barrels. A Bloomberg commodity index recorded its biggest slump in 6 months yesterday and WTI Crude futures fell below $55 per barrel and Brent under $62.
Aussie employment data is due to release early in trade tomorrow morning and expected to show that 17.8k people were employed last month. AUD/USD trades around 0.76 at the time of writing.
