The dollar firmed ahead of this week's key events - tomorrow's election and Wednesday's FOMC meeting - and amid stronger manufacturing data. US economic data released today was mixed. Personal income for September missed expectations of +0.2% falling to -0.1% from the prior +0.4% (revised down from +0.5%). This was the first negative reading in personal income since July 2009. Personal spending for September came in worse than the anticipated +0.4% with a disappointing print of +0.2% (prior +0.5%) and Core PCE MoM declined to 0.0% (cons. +0.1%, prior +0.1%). The data released later on surprised to the upside as September construction spending gained to +0.5% despite expectations of a -0.5% print and up from the prior -0.2%. This was led by increases in homebuilding. The ISM manufacturing index for October, which was forecast at 54.0 rose to the highest level in 5-months with a print of 56.9 (prior 54.4). EUR/USD was rejected at session highs above 1.4000 and is currently trading around 1.3880.
U.S. equities traded most of the session with a positive tone and experienced a late day slump before bouncing to finish the day marginally higher. The Dow Jones Industrial Average advanced slightly by about +0.06% and the S&P 500 rose about +0.09%. Commodities were mixed with the oil gaining by about +1.62% while the metals slipped. Gold declined by about -0.64% and silver fell roughly -0.52% on as a result of a stronger buck.
Top tier economic data will be released down under with New Zealand 3Q employment data and the RBA rate announcement due out of Australia. October monetary base figures are set for release out of Japan as well as the BOJ Board Meeting minutes from the Oct. 4-5 meeting.
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