The U.S. dollar pulled back on Wednesday amid a slight improvement in the emerging markets. Economic data was mostly quiet from the U.S.
Consumer prices in the UK advanced 2.7% on the year ending August 2018. This beat the median forecasts of a 2.4% increase. Core CPI also advanced 2.1% beating estimates of 1.8% increase.
Data from the U.S. saw housing starts rising at a modest pace last month. Housing starts rose 9.2% in August from the month before.
New Zealand’s quarterly GDP report was released during the overnight trading session. The GDP advanced 1.0% during the three months ending June 2018. Economists were expecting a 0.8% increase during the period.
Later in the day, the Swiss National Bank will be holding its monetary policy meeting. The SNB is expected to leave its monetary policy unchanged at today’s meeting.
The UK will be releasing the retail sales figures for the month. Forecasts show a 0.2% decline in retail sales following a 0.7% increase the month before.
The NY trading session will see the release of the Philly Fed manufacturing index. Activity is expected to show the index rising to 17.5.