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US dollar daily update for 20th November 2017

BY DEB SHAW | 

After ending down last Friday, the dollar is strengthening this morning. The big news today is the collapse of German coalition discussions after one of the parties pulled out of talks. As the euro weakens, the US dollar is rising in relative terms. Looking at other major currencies, the dollar is flat against the yen. Despite recent strength, the short-term outlook for the US dollar is cloudy thanks to the upcoming Senate tax vote. As Republicans can only afford to lose two votes in order to pass the tax bill, the vote remains a significant cause of uncertainty. We will downgrade our medium-term outlook on the dollar to bearish later today.  

USD/JPY is currently trading just above 112.0. EUR/USD is down today and currently just above 1.1730. The pound is flat today, with GBP/USD currently above 1.3210.  

This week, we’ll see economic data including existing home sales, durable goods, as well as Markit PMIs. On Tuesday we’ll get existing home sales and the Chicago Fed National Activity Index. On Wednesday, we’ll see initial jobless claims, durable goods and the University of Michigan consumer sentiment survey. On Thursday we’ll see FOMC minutes. Finally, on Friday we’ll get Markit PMIs. Last week CPI met estimates while Core CPI beat estimates.  

Updated 
Outlook
Bullish

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