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Sheer hope that economy may not be deteriorating as much as thought made the day for Dollar, which was under intense selling pressure since yesterday's retail sales disappointed to the downside.
The mood is - thank goodness it is not worsening.
- Initial jobless claims came much better than expected at 255,000, while media expectation was for 15,000 more.
- NY FED manufacturing index, was not up to the expectation but still better than prior. Came at -11.36 compared to -14.67 prior.
- Biggest surprise was inflation. Core inflation ticked up by 0.2% in September from August pushing prices to rise 1.9% from a year ago. Even headline didn't decline on yearly basis.
Dollar is up against all of its peers, however it is difficult to sustain the recovery without additional confidence.
- Philadelphia FED manufacturing survey at 14:00 GMT, comes into focus next.
- Focus will also be on FED speakers for the day, Bullard, Dudley to speak at 14:30 GMT, followed by Mester at 20:30 GMT.
Euro has become the weakest in the lot after European Central bank's policymaker Nowotny hinted on further stimulus.
FXCM Dollar index is currently trading at 11905, up from 11850 low today.
