The U.S. Dollar posted strong gains on Thursday. Solid economic data lifted the currency. Durable goods orders increased 4.5% on the month in August beating expectations of 2.0%. Durable goods orders reversed the 1.2% decline July as well.
The final revised GDP numbers for the second quarter was also released Data showed that GDP advanced 4.2% in the three months ending June marking an unchanged print from the second estimates.
In the Eurozone, the common currency dipped on news reports that the Italian coalition government agreed to a 2019 budget deficit of 2.4% of its GDP. This was a bigger target than the 1.6% that was advocated by the EU officials.
Looking ahead, the current account for the UK will be coming out during the European trading session. Forecasts point to the current report posting a 19.4 billion decline. The final second quarter revised GDP will also be published. Economists forecast no changes confirming a 0.4% growth during the period.
In the Eurozone, the inflation estimates data will be released. There are expectations that consumer prices increased slightly to 2.1% and core CPI rising 1.1% on the year ending September.
Canada will be coming out with the monthly GDP figures today with forecasts of a 0.1% increase.
Data from the U.S. will see the core PCE price index report. The Fed’s preferred gauge of inflation is tipped to rise 0.1% on the month, marking a slower pace of increase from 0.2% previously. Personal spending and income are expected to grow by 0.3% and 0.4% respectively.
