The U.S. Dollar was seen trading firm, riding on the back of Trump’s comments on China. President Trump renewed his rhetoric against China as he said on Monday that he would resume the tariffs against China to 25%. The comments come ahead of the G20 summit where China and the U.S. are expected to hold further talks. Currently, the Trump administration has imposed a 10% tariff which is likely to increase as per his comments.
On the economic front, the ECB President Mario Draghi said that the Central Bank will be ending its QE program. Speaking in Brussels, the ECB President said that the recent economic data was weaker than expected. However, he said that the slowdown was only temporary.
The German Ifo business climate showed that the business sentiment eased to 102.0, which missed estimates of 102.3 and weaker than 102.9 from the month before.
The Bank of Japan released its core CPI report today. Data showed that core inflation rose 0.6% on the year in October. This was slightly better than the estimates which pointed to a 0.5% increase. The day ahead is relatively quiet with mostly second-tier data in the store.
The NY trading session will see the release of the consumer confidence report from the Conference Board. The U.S. consumer confidence is expected to ease to 136.2 following an increase to 137.9 previously. Later, Fed member Bostic will be speaking followed by the Reserve Bank of New Zealand releasing its financial stability report.
