The US Dollar was unable to capitalise on improved core inflation figures released Wednesday and for the month of October. Advanced Retail Sales, also released yesterday and for the same period, was also better than expected.
However what would have usually offered support for the USD, was easily offset by what is largely the main USD theme at the the moment – the Tax deal in the US. Yesterday two republicans were criticising the tax plan so far. The basis of their criticism was mainly based on that the current bill aims to benefit corporations with permanent tax cuts, while small business and individuals enjoyed only temporary lower tax rates.
US Dollar index is currently at 93.91 after yesterday’s lows of 93.40, in what seems to be a second consecutive week of losses so far.
Overnight data out of Australia showed us that for the month of October Unemployment Rate ticked down to 5.4% from a previous 5.5% even though the change of employment did come short of expectations.
The Aussie enjoyed a small bounce on the mostly positive employment report. AUDUSD is currently at 0.7594 just off recent lows of 0.7568. AUDUSD has declined from 0.7655 since the start of November.
