After the substantial gains against sterling on Thursday, the dollar lost some ground on Friday, as investors closed their positions and waited for the next bout of fireworks. We could see some big dollar moves against the pound in the next few weeks, but much depends on how the Brexit negotiations go – more within government that with the EU.
Industrial production fell to 4.1% in October from 5.6% the previous period, but the reading was healthy enough. Manufacturing production also fell to 2.7% last month from 3.8%. Other than that, it was fairly quiet, as attention was firmly trained on events in the UK. That could continue for some time, until Trump says, does or Tweets something.
Nothing of note on the schedule today, but tomorrow we will see building permits for October while Wednesday sees durable goods orders from October as well as initial jobless claims up to 15 November 2018.
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