The US dollar was trading rather mixed, coming out strongly against the euro was seen trading rather flat against the yen and the British pound. Economic data released yesterday showed that the weekly unemployment claims fell sharply, rising just 243k against estimates of 251k while producer price index data rose 0.4% on the month as expected. The PPI data raised expectations that consumer prices could also rise in the near term.
FOMC members Powell and Brainard along with ECB President Mario Draghi gave their views on monetary policy. The ECB President sounded cautious as he said that the central bank would remain accommodative.
Looking ahead, the main focus for today will be the US consumer prices index data for the month of September. According to the economists polled, headline CPI is expected to rise 0.6% on the month and rise above 2% on a year over year basis. Core CPI is expected to rise 0.2% on the month, maintaining a steady pace of gains. US retail sales numbers are also expected with forecasts showing a bullish print.
