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Eco calendar to pick up for USD – TDS

FXStreet (Barcelona) - The TDS Team notes that the economic calendar will pick during the shortened week for USD, with markets focusing on the revised Q3 GDP.

Key Quotes

“The economic data calendar will pick up during the shortened week, with markets focusing on the second estimate of Q3 GDP. We look for a modest downward revision to 3.4% from 3.5% as growth remains on a stronger footing. Consumer confidence will also come into focus, with the Conference Board measure expected to improve further to 97.0 from 94.5 in November.”

“CAD Data run will pick up speed with the release of September retail sales. We are above the market in expecting a 0.8% and 0.6% m/m increase for headline and core respectively (market: 0.5% and 0.3%). Even so, we think the risk to this forecast still lies to the upside given the surge in retailer sentiment over August and September.“

“JPY Minutes from the BoJ’s Halloween Board meeting were released today showing the vote to expand monetary stimulus was a narrow 5:4. What was clear was that the BoJ’s 2% inflation target for 2015 was at risk of not being achieved due to the April Consumption tax hike and downward trend in oil prices—“many members’ said core inflation was likely to be just 1% “for some time” and if oil prices stayed flat, the BoJ would have to revise inflation forecasts lower. “

“In FX, we’ve seen USDJPY pare some of its overnight losses, although JPY is still the top-performing currency since yesterday’s North American close. Meanwhile, AUD and NZD have underperformed as momentum has continued to pull them lower overnight, and AUDUSD has hit a fresh 4y low of 0.8523. “

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