DXY trades above the 95-level, China retail consumption rebounds, and Japan’s Q3 GDP contraction landed higher than forecast

USD is slightly down today, but it nevertheless trades around its nearly 16-month high. Currently, the DXY Index is still above 95, trading at 95.023, down about 0.11%. The upward momentum from the high-than-expected inflation data seems to be still in effect.

USDJPY has gone up by 0.03% at press time. Japan just released its Q3 GDP, which shows a higher contraction than the forecast. On a yearly basis, GDP contracted by 3%, and on a quarterly basis, it contracted by 0.8%. AUDUSD is up by 0.2%, as investors are waiting for the meeting minutes from RBA which will be released tomorrow.

In China, the latest data showed that industrial output accelerated its growth in October. On a yearly basis, industrial production grew by 3.5%. The unemployment rate was unchanged at 4.9%. Chinese President Xi Jinping will also hold a virtual summit with Joe Biden today.