The main talking point for US economic data yesterday was the Federal Reserve meeting, where they decided to keep interest rates on hold. This was as expected and comments made afterwards signalled the intention to increase rates in December.
Meanwhile, there was yet more positive data from the US in further signs that the economy is recovering. US jobs data beat forecasts, as private employers hired 235,000 workers in October when 200,000 was the figure expected by analysts. When we consider that only 110,000 people were hired in September, it does put the data into context.
Today we’ll see initial jobless claims which are expected to increase slightly, but tomorrow is a big day. We’ll see the balance of trade, unemployment rate, non-manufacturing PMI, and the all-important non-farm payrolls. There could be some significant dollar movement if the recent positive run of data continues.