Aussie dropped following the below than expected inflation rate for the third quarter and locked our target at 0.7750. Further declines are expected, while USD/CAD is rising for the sixth consecutive day ahead of the BoC policy meeting. EUR/GBP printed gains of 0.6% but remains in the narrow range between 0.8860 and 0.9030.
U.S. Dollar Is Rising on Positive PMI Data
The U.S. dollar had a positive day against its G10 major currencies following the stronger than expected manufacturing and services data. The Markit manufacturing PMI rose to 54.5 according to the first estimate for the month of October, above market consensus of 53.5 and 53.1 before. Moreover, the services PMI increased to 55.9, surpassing forecasts of 55.6 and 55.3 before. Today, attention will be paid to the data coming in from the housing sector while on Friday, the U.S. GDP will be the centre of focus.
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