The U.S. dollar was seen maintaining steady ground on Thursday. Economic data for the day saw the release of the weekly unemployment claims which rose higher than expected to 222k. The Philly Fed manufacturing index post strong gains, rising to 34.4 beating estimates of 21.1.
The euro currency continued to remain weak on growing concerns of a possible anti-EU establishment government being set up in Italy. This, alongside the debt concerns continues to drag the common currency lower.
The economic data for the day will see the release of the German producer prices index data. Forecasts point to a 0.3% increase on the factory gate inflation. This is followed by the Eurozone current account and trade balance figures. The median estimates point to a narrowing in the trade balance figures while current account is expected to remain unchanged.
The FOMC member, Loretta Mester will be speaking today followed by another member, Brainard. Both members are considered to have hawkish inclinations on rate hikes.
Canada will be releasing its monthly retail sales numbers. Forecasts point to a 0.5% increase in core retail sales. Inflation data will also be coming out today. Median estimates point to a 0.3% increase on the headline CPI.
