DOW JONES INDUSTRIAL

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Real-time USA - 12:07 2022-11-29 pm EST
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US Dollar Strengthens Early Thursday Ahead of GDP, Initial Claims, Fed Appearances

09/29/2022 | 07:37am
(MT Newswires) -- The US dollar moved higher against its major trading partners early Thursday ahead of the final reading on US GDP for Q2 and weekly initial jobless claims, both at 8:30 am ET, and weekly natural gas stocks at 10:30 am ET.

The GDP report will include benchmark revisions which could alter the previously reported movements over recent years.

St. Louis Federal Reserve President James Bullard speaks at 9:30 am ET, followed by Cleveland Fed President Loretta Mester at 1:00 pm ET and San Francisco Fed President Mary Daly at 4:45 pm ET.

Fed speakers this week have suggested that the FOMC will continue to tighten policy until inflation slows and expects a modest slowdown in the US economy as a result.

A quick summary of foreign exchange activity heading into Thursday:

EUR-USD fell to 0.9728 from 0.9737 at the Wednesday US close but was above the 0.9561 level at the same point Wednesday morning. EU consumer confidence declined further into negative territory in September, data released overnight showed. The next European Central Bank monetary policy meeting is scheduled for Oct. 27. ECB President Christine Lagarde said earlier in the week that she expects the ECB to raise rates over "the next several meetings."

GBP-USD slipped modestly to 1.0861 from 1.0889 at the Wednesday US close but remained above the 1.0575 level at the same time Wednesday morning. There are no UK data on Thursday's schedule. The next Bank of England meeting is scheduled for Nov. 3 after a smaller-than-expected 50-basis point rate increase at the previous meeting.

USD-JPY rose to 144.6672 from 144.1278 at the Wednesday US close but was modestly below the 144.7325 level at the same time Wednesday morning. There were no Japanese data released on Thursday. The next BOJ meeting is scheduled for Oct. 27-28.

USD-CAD rose to 1.3663 from 1.3605 at the Wednesday US close and 1.3784 at the same time Wednesday morning. Canadian GDP is scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is scheduled for Oct. 26.

MT Newswires 2022
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