The U.S. dollar continued to extend the declines from last week. Economic data was sparse and the weaker greenback sent the euro higher on the day. The gains came as signs of easing global trade tensions brought about a risk on sentiment in the market.
President Trump said that the U.S. had agreed to a new trade deal with Mexico to replace the North American Free Trade Agreement (NAFTA).
The German Ifo business sentiment showed that the German economy was on par to post a 0.5% quarterly growth for Q3.
The European session is relatively quiet today. The private loans report is due to come out with forecasts pointing to a 3.0% increase. The NY trading session will see the release of the U.S. goods trade balance followed by the preliminary wholesale inventories report. The data could potentially alter the expectations of the GDP revision for the second quarter.
Later in the evening, the Conference Board’s consumer confidence report is due to show a modest decline to 126.6 from 127.4 previously. Regional manufacturing activity as measured by the Richmond Fed is forecast to show a decline to 18 from 20 a month ago.
