Another month bites the dust
FX Trader, Loonieviews.net
Summary: Dollar bulls are cheering US GDP and personal consumption/expenditures beats while Wall Street trades broadly unchanged in the early New York hours as markets weigh macro data against the lack of a North Korea deal.
The Chicago PMI index was higher than expected, rising to 64.7 from 56.7 previously. This should also put a smile on faces at the “data-dependent” Federal Reserve, although this isn’t the data they are depending on – they want to see higher inflation.
Today’s GDP report replaced the “advance” and “second” estimates, which weren’t available due to the partial government shutdown.
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