The US dollar (USD) failed to find significant support after the publication of the Institute of Supply Management’s (ISM) November composite Purchasing Managers Index (PMI), which came in at an impressive 57.2 following October’s 54.8. Confidence in the US dollar, meanwhile, has been boosted by the weakness of the euro (EUR) and expectations of a robust reading on the ISM Non-Manufacturing Composite.
Federal Reserve official James Bullard warned that Donald Trump should not take an aggressive stance on fiscal stimulus when he moves into the White House, owing to the increased risk of recession that this entails down the line. Fellow Federal Reserve official Charles Evans also agreed, commenting that ‘You don’t need explicit stimulus’ at the present time.
The EIA Crude Oil Stocks Change and Consumer Credit Change data dominate the US releases today.
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