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The European session was packed with data from Europe and the US, here’s a summary of today’s drivers
The US dollar index, which measures its performance against a basket of six major currencies, rose 0.25% to 93.58 points, moving away from its lowest level recorded yesterday at 93.277 points, the lowest level in nearly a month, and the dollar traded during the day at levels between 93.32 and 93.6 Point.
The Eurozone economy grew 2.2% on quarter in the three months to September of 2021, beating 2.0% expected and 2.2% previous, the first estimate showed on Friday. Annually, the eurozone GDP rate expanded by 3.7% in Q3 vs. 14.3% seen in the second quarter of 2021 while beating 3.5% expectations.
The annualized Eurozone Consumer Price Index (CPI) rose by 4.1% in October, exceeding expectations of 3.7% while sharply higher from the previous reading of 3.4%, data published by Eurostat showed on Friday. The core figures arrived at 2.1% YoY in October when compared to 1.9% expectations and 1.9% booked last.
Inflation in the US, measured by the Personal Consumption Expenditures (PCE) Price Index, stayed unchanged at 0.3% on a monthly basis in Septemberز Annually, the PCE Price Index edged higher to 4.4% from 4.2%. the Core PCE Price Index, the Fed’s preferred gauge of inflation, remained steady at 3.6% on a yearly basis, compared to market expectation of 3.7%.
Canada’s Real Gross Domestic Product (GDP) expanded at a monthly rate of 0.4% in August, the data published by Statistics Canada showed on Friday. This reading came in weaker than the market expectation for a growth of 0.7%.
The S&P 500 and Nasdaq fell from record lows at the open on Friday, as results from Apple and Amazon rekindled concerns about labor and supply shortages. The Dow Jones Industrial Average fell 18.20 points, or 0.05 percent, at the open to 3,5712.28. The Standard & Poor’s 500 index fell 23.55 points, or 0.51 percent, to 4,572.87 points. The Nasdaq Composite Index fell 124.83 points, or 0.81 percent, to 15,323.29.
