The U.S. dollar gave up its gains yesterday as economic data and the Fed’s meeting minutes sent the greenback lower. Durable goods orders declined more than expected following September’s strong performance which was revised higher. The declines in the durable goods orders came due to a drop in transportation equipment.
The Federal Reserve released the meeting minutes yesterday. The minutes signaled that the central bank will hike interest rates amid a strengthening economy. But the minutes also showed that some Fed officials were concerned that weaker inflation would persist for longer than expected.
In the UK, the budget release showed that the government was allocating further funds towards Brexit. This comes on top of the 700 million GBP that was already set aside initially. The UK’s Office for Budget Responsibility also slashed growth forecasts.
Looking ahead, the economic calendar is quiet today. The Tokyo and New York markets are closed today. Data from the Eurozone will see the final revised GDP from Germany while the UK will also release its revised GDP estimates for the third quarter. The ECB will be releasing the meeting minutes while Canada will release the retail sales numbers.
