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Dollar Slides Amid Bets Fed Will Maintain Stimulus

China's Economy Grew 7.8% in Third Quarter, Matching Estimates

Dollar Slides Amid Bets Fed Will Maintain Stimulus; Franc Rises. The dollar fell the most in a month versus the euro as investors bet disruption from the U.S. debt-ceiling debate will hamper growth and prompt the Federal Reserve to postpone tapering its bond purchases. The U.S. currency weakened against all but one of its 16 major peers after BlackRock Inc. and Pacific Investment Management Co. said the Fed will maintain stimulus measures that tend to undermine the greenback. The yen and the Swiss franc strengthened after Congress voted yesterday to raise the U.S. debt limit, ending a government shutdown that began Oct. 1.

Flood of U.S. economic data set to wash up on Wall Street.

US credit ratings, Fed presidents, FX carry. A wave of U.S. economic data is set to hit financial markets starting next week after a last-minute budget deal re-opened the federal government on Thursday. The Labor Department said it would release its employment report for September on Tuesday as it provided a fresh schedule for some data that had been delayed by the 16-day partial government shutdown.

Aussie and Stocks rally as USD in retreat. Stocks in the US did very well last night and the Dow even managed to shake off an IBM induced slide to finish close to home but it was the S&P and it's new closing high that is the story of the day for stock traders. The S&P at the end of trade was at 1733 up 11 points or 0.67%. It really did have to happen this way after the market held in so well in the face of a potential default and with liquidity conditions still so fluid and any chance of the Taper now likely shifted into 2014 it's a bull market it seems.

RBA Stevens in the Q&A: "Personally' thinks a lower $A would be helpful to rebalance economy. AUD doesn't seem to care.

China's economy grew 7.8 percent in the third quarter of 2013 from a year earlier, the National Bureau of Statistics said in Beijing today. The median estimate in a Bloomberg News survey of 48 analysts was for a 7.8 percent gain in gross domestic product after a 7.5 percent advance in the second quarter. The statistics bureau released the numbers in a statement in Beijing today before a news conference to discuss the data.

US initial jobless claims fell to 358K from 373K the prior week, above the 335K consensus as the ripple effects of the government shutdown continued. The October Philly Fed manufacturing index beat consensus with a headline 19.8 vs Sep's very strong 22.3.

The New Zealand dollar soared to a five-month high, last changing hands at US$0.8502, up 0.8 percent on the day.

The GBP/USD soared across the board as the retail sales in the UK jumped immensely both in aspects of a yearly level, as well as on monthly basis. Briefly, the year-over-year UK Retail Sales grew 2.2% in September, compared with the 2.1% increase in August and slightly above forecasts of +2.1%. What's more, annual retail Sales excluding fuel increased 2.8%, up from the 2.3% rise and above market consensus of 2.1% growth. Finally, month-over-month Retail Sales excluding Fuel edged up 0.7%, following a 0.8% decrease and exceeding expectations of +0.3%.

Watch movers for today: CAD CPI, US PPI, Fed Presidents

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