Dollar Steamrolls Toward Monthly Gain as Data Confirms Underlying Strength
The dollar is losing momentum amid month-end cross-currents, but looks set to end October with its biggest gain in two years as growth data continues to surprise to the upside and anticipation rises ahead of next week’s election. Numbers released yesterday showed the economy gaining steam. According to ADP’s measure, private sector employment jumped by 233,000 jobs in October, accelerating from 143,000 in September, and nearly doubling consensus forecasts. Gross domestic product climbed at a 2.8-percent annualised rate in the third quarter, slightly slowing from the second quarter’s 3-percent pace, but final private sales to domestic purchasers – an arguably-cleaner...