This is an older news update for the US dollar. Click here to view the latest daily update.

US dollar daily update for 16th October 2017

BY DEB SHAW | 

The US dollar is slightly stronger this morning, and appears to have broken out of its weakening pattern. We upgraded our short-term outlook on the dollar to neutral earlier today. The dollar's move up is impressive considering lower-than-expected retail sales growth and consumer price index figures last Friday. The dollar is particularly strong against the euro, which is weakening thanks to ongoing concerns regarding Catalonia and the recent elections in Austria. In political news, reports of Trump  playing golf with Senator Rand Paul and calling on Senate Majority Leader Mitch McConell are helping expectations regarding tax reforms. Trump appears to be building more support among Republicans for his tax bill. 

USD/JPY sold off last Friday and is down again this morning. The exchange rate is currently just below 111.70. EUR/USD is down again today after selling off last Friday, with the pair currently below 1.1790. The pound is one of the few currencies up against the dollar, with GBP/USD currently above 1.330.  

This week is a relatively light week for the US dollar. On Tuesday, we’ll get industrial production figures. On Wednesday, we’ll see building permits, housing starts and the Fed’s Beige Book survey. On Thursday we’ll get initial and continuing jobless claims. Finally, on Friday we’ll see existing home sales. Last week, both CPI and retail sales missed expectations, driving down expectations of Q3 growth and inflation.

Updated 
Outlook
Bullish

Subscribe to the MarketsNow US dollar daily update