The US stock market closed at a loss as earnings season continues. The market’s attention has been focused on two topics: The US election and the European Crisis. Not getting as much airtime as last time is the budget deficit.
The budget deficit this year is the fourth largest since WWII clocking in at USD 1.09 trillion, but an improvement over 2011 where it was USD 1.3 trillion. The fiscal cliff for this year is $1.2 trillion in spending cuts.
There are signs of growth in the US economy. The unemployment rate was reported lower, as low as when Obama first took office. The housing recovery was highlighted by the Fed earlier this week. The bottom line is the election and the European crisis will drive the direction of the USD in the coming weeks more than the economic indicators.
- US Jobless Claims “missing” data.
- Beige Book Spotlights Housing Market Strength
- Fed’s Beige Book reflect “modest” growth, step down from “moderate”
- US Economy hanging on while other countries “on the ropes”
- EUR / USD – Support at 1.28 Stands Firm as Pressure Mounts
- USD / CAD – Consolidating around the key 0.9850 level after its largest rally in 4 Months
- EUR / USD – Receiving strong resistance at 1.29 and moving towards 1.28 again
- US Market Roundup: Unrest in Middle-East take centerstage
- US Market Roundup: Bears faced blockade during US session.
WEEK AHEAD
- ALL IMF – World Bank Annual Meetings
- CNY Consumer Price Index
- USD Advance Retail Sales
- NZD Consumer Prices Index
- AUD Reserve Bank Board – October Minutes
- GBP Core Consumer Price Index
- EUR Euro-Zone ZEW Survey
- EUR Euro-Zone Consumer Price Index
- USD Consumer Price Index
- GBP Bank of England Minutes
- GBP Jobless Claims Change
- EUR German Producer Prices
- CAD Consumer Price Index
