| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 02:00 | China | GDP y/y | Quarter III | 4.7% | 4.5% | 4.6% |
| 02:00 | China | Retail Sales y/y | September | 2.1% | 2.4% | 3.2% |
| 02:00 | China | Industrial Production y/y | September | 4.5% | 4.6% | 5.4% |
| 02:00 | China | Fixed Asset Investment | September | 3.4% | 3.3% | 3.4% |
| 06:00 | United Kingdom | Retail Sales (MoM) | September | 1% | -0.3% | 0.3% |
| 06:00 | United Kingdom | Retail Sales (YoY) | September | 2.3% | 3.2% | 3.9% |
During today's Asian trading, the US dollar declined moderately against major currencies, but is preparing to record a third weekly increase in a row on the back of optimistic US economic data - which dispelled fears that the Fed would be forced to cut interest rates by 0.5% again - and a potential victory for Donald Trump in the upcoming US presidential election.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.19% to 103.63. Yesterday, the index rose by 0.23% and reached its highest level since August 2 after data showed that U.S. retail sales rose slightly more than expected last month, bolstering confidence that the U.S. economy remains strong. Since the beginning of the week, the index has gained 0.7%. Overall, the latest data has bolstered optimism that the Fed will be able to deliver a soft landing for the U.S. economy. The data has also contributed to some revision of expectations for the outcome of the Fed's November meeting. According to the CME FedWatch Tool, markets see a 91.7% probability of a 0.25% rate cut at the November meeting (compared to 93.7% yesterday) and a 71.8% probability of a 0.25% rate cut in December (compared to 85.6% yesterday).
The Australian dollar rose by 0.25% against the US dollar, helped by stronger-than-expected data from China (Australia's main trading partner) and statements from the Central Bank of China, which provided additional information on stimulus measures. The People's Bank of China officially launched the Securities, Fund, and Insurance Swap Facility and as policymakers signaled the potential for further monetary easing ahead alongside other support measures to prop up the ailing economy.