The “greenback” is skyrocketing. Overview for 01.10.2021

EURUSD continues updating its lows; everyone likes the USD.

The major currency air continues plummeting. The current quote for the instrument is 1.1578.

Market players’ attention is focused on the US national debt. Most of the expectations in this issue are positive – it may be discussed for the next couple of weeks. It’s also important to decide on government financing in time but the Senate already has enough votes for that. In fact, today is the most important day and the first news must appear closer to the evening. 

Yesterday, the “greenback” enthusiasts were a little bit puzzled by the statistics. For example, the weekly report on the Unemployment Claims showed 362K after being 351K the week before and against the expected reading of 335K. 

The final GDP for the second quarter in the USA showed 6.7% q/q against the previous estimate of 6.6% q/q. The key support here lies in consumer spending: the money for supporting the economy allotted by the government found its destination. 

The economic growth estimate for the third quarter is below 5% and that’s not very good. 

Later today, one should pay attention to final data on the Manufacturing PMIs from Germany and the Euro Area, as well as the preliminary report on the European CPI. Apart from that, the USA is scheduled to report on the Personal Spending/Income for August – the first indicator is expected to rise.