020 7898 0500Despite the release of positive data the US dollar (USD) failed to capitalise on its Monday gains. This could be in large due to the pending release of the non-farm payrolls data on Friday, which could determine the path of interest rates following the next US Federal Reserve monetary policy statement on December 14th. The chances of rate hike would have increased following the upwards revision of the third quarter US Gross Domestic Product (GDP). The pace of growth was revised to 3.2 percent from its first reading of 2.9 percent. Personal spending by US consumers was higher than had been previously forecast and as a result quarterly GDP growth is now at its highest rate since the third quarter of 2014. In addition, following the recent election, US optimism about the economy came roaring back in November and hit a 9-year high as Trump promised to revitalise the Rust Belt.
Today we will get an idea of how the upcoming non-farm payroll data could look, with the release of the ADP Non-Farm Employment Change Data. In addition, the personal spending and income figures are due ahead of the beige book in the evening
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