The Euro currency managed to rise as the U.S. Dollar was seen trading weaker. Economic data on the day showed that the final inflation for November rose at a slower pace of 1.9%. This was below the flash estimates which showed a 2.0% increase. The final core inflation rate was however unchanged at 1.0%.
The NY trading session saw the Empire State Manufacturing Index data. The index fell to 10.9 in December down from 23.3 the month before. This was also below the estimates of 20.1.
Ahead of the two day Fed meeting that starts today, President Trump once again expressed his displeasure with the Fed’s plan to hike rates at the Fed meeting this week. This sent the U.S. Dollar falling on the day. The FOMC will be concluding its two-day conference on the 19th of December.
Looking ahead, the economic calendar today is relatively quiet.
The German Ifo business climate index is forecast to show a decline to 101.8 on the index. This marks a decline from 102.0 that was registered previously. Canada’s manufacturing sales report kicks off the NY trading session with forecasts pointing to a 0.3% increase on the month.
The U.S. housing data is on the cards next. Building permits are forecast to rise modestly to 1.26 million in November, slightly up from October’s fall to 1.26 million. Housing starts are expected to remain steady at 1.23 million for November.
