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The fundamental news on Thursday kept investors on their toes, who ignored macroeconomic changes. The key topics were the US stimulus package and the post-Brexit deal between the UK and the EU.
House Speaker Nancy Pelosi and Treasury Secretary Stephen Mnuchin continued their discussion of a possible coronavirus relief package. However, in mid-afternoon in the US, Pelosi said that Republicans and Democrats are still far from state and local aid, adding that she remains optimistic about reaching an agreement.
As for Brexit, the European Commission announced that it will send a letter of formal notification to the UK about the violation of the Withdrawal Agreement. A spokesman for British Prime Minister Johnson, on the other hand, confirmed that they are determined to work through the Joint Committee to find a solution for the Northern Ireland protocol.
The US data was mixed but still showed growth. This supported the stock at the expense of the dollar, which ended the day with uneven losses against most of its major competitors.
Commodity-pegged currencies were among the strongest, with the Canadian dollar rising sharply against the dollar despite declining oil prices.
Coronavirus: European authorities are cautiously optimistic as the number of new daily cases appears to have stabilized. However, restrictions remain in several countries ahead of the flu season. The focus is on the monthly US non-farm payroll report, which is expected to show a moderate increase in the number of jobs in September.
Dollar Rebounds After Better Than Expected Data
Earlier today, the dollar tried to move lower, but the bears are still not overly inclined. Selling did indeed turn towards the yen at the start of the American session after some better-than-expected US data. Equity markets also lack clear direction as European indices open higher but quickly reversed earlier gains. The Aussie and New Zealand dollars are more resilient, but we will need to see if they can extend the rally with the help of risk lovers in the US.
The number of initial applications for unemployment benefits in the United States for the week ended September 26 fell by -36 thousand to 837 thousand, below expectations of 850 thousand.
The four-week moving average of initial claims fell by -11.8 thousand to 867.3 thousand. The number of standing orders fell from -980 thousand to 11767 thousand. The four-week moving average for continuing claims fell -381k to 12701k.
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