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USD News: Presidential debate fuels USD movement

Today’s USD news was fuelled by the opening exchange between Trump and Clinton.

Markets stood back and analysed how the world reacted to yesterday’s first US presidential debate the majority agreed that first blood was awarded to Hillary Clinton. Many perceived that Clinton delivered arguments with more panache than Trump who often failed to credibly reply to accusations. Clinton also proclaimed that she had prepared for the debate and insisted she was ready for presidency.

Typically, markets react more favourably to Republican candidates as they are perceived to be more pro-business. Trump however is viewed as a less credible candidate and is viewed as negative on trade. Clinton currently appears more conservative and relevant to growth.

Following the announcement USD/JPY strengthened briefly touching 100.807 before the European opening. As the UK market opened USD/EUR moved from 0.8883 touching a day’s high of 0.8933 and closing the session at 0.8909. Following the focus on Mexico during the trump campaign the result saw the Mexican Peso rise 1.5% against the US Dollar.

With the afternoon came continuing focus on the US with Consumer confidence index. Figures as has recently become accustomed didn’t disappoint. The level which was predicted to reach 97.2 comfortably surpassed its target registering 101.1. The reading which shot to its highest since 2007 will no doubt afford the FED more justification to raise rates in December.

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Following the Consumer Confidence index results FED member Fischer chaired a discussion at Howard university in Washington. During the event he touched upon a declining labour force and Improving economic mobility.

Tomorrows keys data comes from a number of countries including Australia, United Kingdom, US and Eurozone. Highlights includes speeches from Reserve bank of Australia’s Governor Edey and The Bank of England’s deputy governor Shafik Malik who addresses an audience at Bloomberg markets. Plus, evening speeches from Yellen and Draghi.

To conclude we see the release of the US Core durable goods orders.

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