The U.S. Dollar posted strong gains on Thursday as the dollar index rallied close to the year’s high. Economic data on the day showed that Spain’s unemployment rate fell to 14.6% beating expectations of 14.9%. However, Germany’s Ifo business climate fell to 102.8 which was below estimates of 103.1.
The ECB held its monetary policy meeting, and as widely expected, no changes were made to the interest rates. The ECB announced its plans to end its QE purchased by the end of the year despite some weakness in the Eurozone’s economy.
Data from the U.S. showed that core durable goods orders rose just 0.1%. This was below estimates of a 0.5% increase. However, headline durable goods orders rose 0.8% which beat estimates that forecast a 1.3% decline.
Looking ahead, the markets will be watching the data from the U.S. The third quarter advanced GDP report is due today. Economists polled forecast Q3 GDP in the U.S. to rise 3.3%. This marks a slower pace of growth compared to the 4.2% increase in the previous quarter.
The ECB president Mario Draghi is expected to deliver a speech later in the day.
