The U.S. dollar extended its recent slide on Friday amid the possibility of more interest rate cuts by the Federal Reserve in the near run to support the economy.
Partly reflecting weakness in the manufacturing sector, the Conference Board released a report on Friday showing an unexpected drop in its reading on leading U.S. economic indicators in the month of September. The Conference Board said its leading economic index edged down by 0.1 percent in September after dipping by a revised 0.2 percent in August.
China economy expanded at the slowest pace in nearly three decades in the third quarter amid subdued investment, industrial production and domestic demand, data from the National Bureau of Statistics showed Friday. Gross domestic product expanded 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter. This was the slowest growth since 1992 and below the expected rate of 6.1 percent.
Japan's inflation eased to the lowest level in more than two years in September, raising pressure on the central bank to ease policy further, data showed Friday. Excluding fresh food, inflation eased to 0.3 percent in September from 0.5 percent a month ago, the statistics bureau revealed. This was the lowest since April 2017 and in line with expectations.
The U.S. dollar started off on a weak note on Thursday and stayed weak right through the session as a disappointing batch of economic data raised prospects for more interest rate cuts by the Federal Reserve.
With the strike at General Motors (GM) contributing to a drop in manufacturing output, the Federal Reserve released a report on Thursday showing a bigger than expected drop in industrial production in the month of September. The Fed said industrial production fell by 0.4 percent in September after climbing by an upwardly revised 0.8 percent in August.
Growth in Philadelphia-area manufacturing activity saw a continued slowdown in the month of October, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday. The Philly Fed said its diffusion index for current general activity dropped to 5.6 in October after falling to 12.0 in September.
After reporting a substantial increase in new residential construction in the previous month, the Commerce Department released a report on Thursday showing a sharp pullback in U.S. housing starts in the month of September. The Commerce Department said housing starts plunged by 9.4 percent to an annual rate of 1.256 million in September.
First-time claims for U.S. unemployment benefits saw a modest increase in the week ended October 12th, according to a report released by the Labor Department on Thursday.
The pound rallied against its key counterparts in the European session on Thursday, after the U.K. and the European Union concluded a new Brexit deal following days of intense negotiations, as EU leaders gather in Brussels.
The European Commission President Jean-Claude Juncker said the accord was...
UK retail sales stagnated in September as consumers were cautious about spending amid uncertainties surrounding Brexit, data from the Office for National Statistics revealed Thursday. Retail sales volume, including auto fuel, was unchanged from the previous month, following a 0.3 percent drop in August. Sales were forecast to fall 0.2 percent.
Reserve Bank of Australia Deputy Governor Guy Debelle said the construction activity is set to continue its downward trend and the effect on the broader economy is somewhat more than expected. Much of the downturn in construction activity is still ahead, he said in a speech on Thursday. "We are forecasting a further 7 per cent decline in dwelling investment over the next year, and there is some
Retail sales data from the UK is due on Thursday, headlining a light day for the European economic news. At 3.30 am ET, Statistics Sweden is scheduled to issue unemployment figures. Economists forecast the jobless rate to fall to 6.7 percent in September from 7.1 percent in August.
The U.S. dollar lost ground against most major currencies on Wednesday, as data showing an unexpected drop in retail sales in September raised prospects for a further reduction in interest rates by the Federal Reserve.
Two weeks ahead of the Federal Reserve's next monetary policy meeting, the central bank's Beige Book said Wednesday the U.S. economy expanded at only a slight to modest pace over the past month. The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, noted business activity varied across the country.