US personal spending beats forecasts in August
At 12:30 GMT, the US economy released it reading of the personal spending for August, which rose 1%, higher than estimates of 0.7%, but lower than the previous reading of 1.5% after it was revised from 1.9%.
The energy services firm "Baker Hughes" announced today that the US crude oil drilling rigs count rose 4 rigs to 183 during this week. While the natural gas rigs rose 2 to 75 rigs, with the total of oil and gas rigs rising by 6 to 261 rigs.
Euro fell in European trade for the fifth straight session against dollar, hitting two-month lows as investors shun risks. EUR/USD fell 0.15% to 1.1644, the lowest since July 27, after closing down 0.4% yesterday on mounting concerns over the global economy. The dollar index rose 0.1% on Thursday for the fifth straight session, marking two-month highs. Investors continue to shun high-risk currencies, preferring to focus on the dollar amid fears of a second coronavirus wave. The coronavirus crisis continues to hammer economies worldwide, with cases surging in Spain, France, the UK, and parts of the US, with some governments reimposing restrictions anew. In Europe, new restrictions are expected to push the services sectors back to deep recession.
Euro rose in European trade for the second day against dollar away from two month lows, as haven demand retreats on the greenback amid hopes for further financial stimulus from the US. EUR/USD rose 0.2% to 1.1684, after closing up 0.3% yesterday away from three-month lows at 1.1612. The dollar index fell 0.2% on Tuesday for the second session away from two-month highs at 94.75. US House President Nancy Pelosi said the Democratic lawmakers are preparing a anew rescue bill amounting to $2.2 trillion. That overcame ECB President Christine Lagarde's remarks that euro's value is impacting European inflation, with policymakers keeping a close eye on the forex exchange.