The dollar was strong against the euro and weaker against the pound yesterday after a series of data releases for the US. GDP data showed that the economy grew more than expected in the third quarter of this year at 2.1%, compared an advanced estimate of 1.9%.
New orders for US manufactured durable goods rose 0.6 percent from a month earlier in October 2019, beating market expectations of a 0.8% decrease. US consumer spending rose 0.3 percent from a month earlier in October 2019, following a 0.2 percent gain in September and matching market expectations, boosted by spending on electricity and gas. However, personal income was unchanged in October, missing expectations of a 0.3% rise.
Relations between the US and China may come into question after President Trump signed two bills yesterday, which support protesters in Hong Kong. China’s foreign ministry have said that China is opposed to this an see it as an intervention into its internal affairs. However, trade talks will continue.
Congress has invited President Trump to an impeachment hearing next week, marking the next stage of the impeachment inquiry. Jerrold Nadler, the Democratic chairman of the House Judiciary Committee, said Mr Trump could either attend or “stop complaining about the process”. The President has been given until December 1st to respond.
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