The OECD released their latest economic report, which pointed to overall growth in member Countries GDP. The US surge in GDP growth dragged the OECD average into positive territory. as most of Europe and the G7, remain in recessionary territory. The UK Budget fiddled with some minor tax cuts and a rise in the minimum wage, but the Government tax take remains close to 70-year highs. The University of Michigan Economic Sentiment report was weak, but in line with expectations, while Durable Goods Orders contracted 5.4%. US markets have been quiet all week, due to the Thanksgiving Holidays and markets close tomorrow for the day of celebration. The USD gained some ground, with the EUR falling back below 1.0900, while the GBP drifted back under 1.2500.
The rising reserve pushed commodity currencies lower, with the NZD retracing back to 0.6000, while the AUD fell back to 0.6520. The RBA Governor reiterated warnings over the threat of higher inflation and the need to, perhaps raise rates further. The lack of early action by the RBA means interest rates remain below many Western Countries and have allowed inflation to maintain a hold in the economy. Expect a quiet close to a US Holiday week, with Thanksgiving and Black Friday.
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