The big mover on markets overnight continues to be the mighty US Dollar. The Dollar hit levels not seen in more than a year, with the EUR falling to 1.1060, while the GBP settled at 1.3240. The GBP did not suffer the same losses, as other major currencies, due to some positive economic data releases. UK Q3 GDP beat expectations, with an annualised growth rate of 1.7%, which is far better than most other major European economies. UK manufacturing and industrial production both showed strong improvement, although the trade deficit did blow out further. US bond yields crept higher, to hit 5.1% in the 10-year, supporting the stronger currency.The surging reserve continues to impact commodity currencies, with the AUD stumbling to 0.6800, while the NZD slipped to 0.5540. The ongoing strength of the US Dollar remains a focal point of markets, with inflation pushing the US bond yields higher, adding pressure to the Federal Reserve.
