The US dollar was seen trading stronger on Tuesday as data showed that industrial production rose 0.3% on the month. This came after the previous month’s data was revised to show a 0.7% decline. Import prices also increased, rising 0.7% on the month marking the largest increase since June 2016. Besides the economic data, the markets were also seen reacting to potential rumors that President Trump might nominate John Taylor, an economist from Stanford as the next chair of the Federal Reserve.
In the UK, inflation data showed a 3.0% increase for the month of September. The data sent the British pound pushing lower on the day. In the Eurozone, inflation data confirmed that the headline CPI rose 1.5% and core CPI was up 1.1% in September.
Looking ahead, the ECB President Draghi is expected to speak earlier in the day today. The UK’s monthly jobs report data will be coming out which will bring some additional risk to the GBP. In the US trading session, the monthly building permits and housing starts will be released.
