The US dollar continued its fall yesterday on heightened expectations of a rate cut after the day brought more worrying data on the US economy. From Reuters:
A report by the Philadelphia Federal Reserve Bank showed manufacturing in the Mid-Atlantic region grew more weakly than economists predicted in October. Its business activity index dipped to 6.8 in October from 10.9 in September...
However, the report's inflation gauge shot higher...
The Labor Department said new claims for unemployment aid climbed by 28,000 last week, much more than anticipated and the biggest increase for any week since February.
But it wasn't all bad.
A separate report from the Conference Board in New York showed its Index of Leading Economic Indicators rose a modest 0.3 percent in September after declining 0.8 percent in August, offering some reassurance about future prospects.
On the other hand, Asha Bangalore at Northern Trust thinks that the rebound in the leading index will be temporary as initial jobless claims and consumer expectations are predicted to turn negative in October.
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