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

US dollar daily update for 30th November 2017

BY DEB SHAW | 

The US dollar ended the day flat yesterday and is down slightly this morning. Despite strong Q3 GDP growth figures, high consumer confidence and accelerating house price growth, the dollar is trading sideways. This is happening because of the importance of upcoming Core PCE figures (the Fed's preferred inflation gauge) and the Senate tax vote. While economic data has been strong, weak inflation has kept the US dollar in check. Looking at tax  news, CNBC is reporting that the Senate has voted to begin debating the bill. Given that the maximum time allocated to the debate is 20 hours, the Senate is expected to vote on the bill by Friday.

USD/JPY is up and currently trading just above 112.20. EUR/USD is up today and currently just above 1.1860. The pound is also up today, with GBP/USD currently above 1.3450.  

This week, we'll see economic data relating to housing, inflation and economic survey figures. New Home Sales figures rose to 10-year highs on Monday (0.685m vs 0.625m expected). Case-Shiller Home Prices beat expectations (6.2% vs. 6.1% expected) while consumer confidence rose to multi-year highs (129.5 vs. 124 expected). Q3 GDP beat expectations (3.3% vs. 3.2% expected) while Core Personal Expenditures met expectations (1.5% quarter-on-quarter). Pending Home Sales were higher than the previous print (1.2% vs. -5.4%). Later today, we'll get all-important Core PCE figures. We'll also see personal spending, initial jobless claims and the Chicago PMI. Finally on Friday, we'll see ISM manufacturing PMI and prices paid. We'll also see Markit manufacturing PMIs. Last week, FOMC minutes worsened the inflation outlook. 

Updated 
Short term outlook
Bullish
Medium term outlook
Bullish

Subscribe to the MarketsNow US dollar daily update