Overall the mood was positive as the major US equity indices closed in positive territory yesterday and helped by corporate news. However a firmer USD a dip in oil prices as OPEC attempts to sort out production cuts, kept gains in check. In Asia perfomances for the major equity indices was mixed.
The US Dollar stood tall, with the US Dollar index (DXY) trading close to the highest these past 9 months. The DXY is currently trading at 98.75 after yesterday’s highs of 98.85. Yesterday October’s preliminary reading for US Manufacturing PMI came in stronger than expected and better than the previous reading.
The USD will be looking on to today’s Consumer Confidence reading, Durable Goods on Thursday, and Annualized GDP on Friday. Recent hawkish tones coming from Fed officials have continued to raisethe case for a possible December rate hike.
Overnight data out of South Korea showed that 3rd quarter GDP managed to beat consensus figures but slowed when compared to the previous quarter. Bank Of Korea reported 2.7% yearly growth.
The British Pound was fairly unchanged against the USD and is currently trading flat at 1.2222. EURGBP, trading at 0.8899, is also showing consolidation at the 20-day Moving average after hitting highs of 0.9225 earlier this month.
