Kiwi dollar gains despite poor GDP print

Key Movers

quities were under pressure again dragging risk-based currencies with it. Tech stocks were the main catalyst for falls as the Nasdaq shed 1.48% overnight and the S&P 500 was down 0.85%. Investors sold on the lack of further QE plan updates by the Federal Reserve in the latest FOMC statement released on Thursday morning.
The US Dollar index was lower overnight (-0.2%) as a number of economic releases in the United States did little to move the needle in currency markets. Unemployment claims came in slightly below expectations as 860,000 American Citizens filed for first time claims and represents a modest shift lower. The Philly Fed Manufacturing Index grew at a slightly higher pace in September despite falling from 17.2 in August to 15 this month. The positive reading suggests that market conditions are slightly improving.
Across the Atlantic, the Bank of England also held their latest Monetary meeting, leaving interest rates at record lows as expected at 0.1%. The Great British Pound fell initially a full cent to 1.2865 as policy makers noted they would consider all options including negative interest rates in the future to combat uncertainty due to COVID-19. Eventual losses were stretched, and cable ended square at 1.2975.
On the docket today is the latest Retail Sales print in the United Kingdom overnight. Preliminary Consumer Sentiment and Inflation expectations are also due for release this evening in the United States.