The US dollar was generally weak today as risk appetite made investors seek riskier currencies with higher yield. For the same reason the greenback gained on safe currencies, like the Japanese yen and the Swiss franc.
Italy submitted its budget to the European Commission, which will decide whether it is within the European Union spending rules. While the budget remained with a sharp increase of deficit, there were hopes that Italy and the rest of the EU will be able to find compromise.
Most global stocks gained today, and the US ones logged especially big gains. That was additional sign that markets were in a risk-on mode.
Today’s US macroeconomic data was better than expectations for the most part but its impact on the US currency was limited. Industrial production rose 0.3% in September versus the forecast of a 0.2% increase. The number of job openings rose to the record high of 7.14 million in August, whereas analysts had predicted a bit smaller figure of 6.90 million.
EUR/USD was up from 1.1579 to 1.1622 intraday, though it has retreated to 1.1584 as of 16:37 GMT today. GBP/USD advanced from 1.3151 to 1.3183, though the currency pair also retreated from its daily high of 1.3236. At the same time, USD/JPY gained from 111.76 to 112.12, reaching the high of 112.29 intraday, and USD/CHF advanced from 0.9877 to 0.9897.
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