The dollar has weakened against the pound and the euro following disappointing GDP data.
GDP for Q3 2021 came in at just 2%, missing market expectations of 2.7% and slowing significantly from the 6.7% in Q2. In fact, it is the slowest quarter growth since the very start of the pandemic in 2020, raising questions about the strength of the US economy.
Initial jobless claims fell yet again, to a fresh 19-month low of 281,000. Nonetheless, this is still substantially higher than pre-pandemic levels.
Markets now await US PCE inflation, due to be released this afternoon.
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