The dollar is ticking up slightly ahead of data.
The US dollar index is up by 0.2% at 100.29 as of 7:37 a.m. ET.
The trade balance will be out at 8:30 a.m. ET, and factory orders and durable goods will be out at 10 a.m. ET.
As for the rest of the world, although it’s pretty quiet on the currency front, there’s lots of data.
Here’s the scoreboard as of 7:39 a.m. ET:
- The euro is down by 0.2% at 1.0743 against the dollar. Earlier, Eurozone GDP grew by 0.3% in the third quarter, matching the two preliminary readings, according to data from Eurostat. Separately, German factory orders rose by 4.9% in October, significantly above the estimated 0.6% increase.
- The South African rand is up by 0.8% at 13.6158 per dollar despite the fact that data showed that the economy grew at a seasonally-adjusted annualized rate of 0.2%, below expectations of 0.5%, and lower than the second quarter’s reading of 3.3%. “Today’s data highlight that the South African economy remains extremely week,” wrote John Ashbourne, Africa economist at Capital Economics.
- The British pound is little changed at 1.2750 against the dollar. On Tuesday, Bank of England Governor Mark Carney said in a speech on Monday in Liverpool that Britain is facing “the first lost decade since the 1860s” when “Karl Marx was scribbling in the British Library.” He noted that stagnant wage and productivity growth means Brits are no better off today than they were prior to the onset of the financial crisis in 2008.
- The Japanese yen is little changed at 113.84 per dollar. Earlier, data showed that labour cash earnings rose by 0.1% year-over-year in October, below expectations of 0.2%, but above the prior month’s reading of 0.0%. “Wage growth picked up marginally in October but remained very weak. While wages are rising more strongly allowing for falling working hours, the tight labour market has yet to create noticeable cost pressures,” wrote Marcel Thieliant, senior Japan economist at Capital Economics.
- The Russian ruble is little changed at 63.8072 per dollar, while Brent crude oil, the international benchmark, is down by 0.9% at $54.46 per barrel.
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