The dollar is weaker against the pound and the euro this morning. This could be due to increasing hopes that Congress will agree on and implement a stimulus bill soon, which will help the US economy.
Yesterday, the release of GDP data showed that the US economy shrank by an annualized 31.4% in the second quarter of 2020. This was offset by the ADP Employment Change figures, which revealed that private businesses hired 749,000 workers in September of 2020, the most in three months and above market expectations of a 650,000 rise, raising hopes that the labour market is making a stronger recovery.
Today, personal spending figures will be released, as well as jobless claims data. This comes ahead of Non-Farm Payrolls, which are due tomorrow.
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