- The USD ended the week higher after the US economy grew more than expected in the third quarter, highlighting the ongoing strength of the US economy.
- U.S. Treasury yields have been in focus after breaching the 5% level as investors continued to digest comments from Federal Reserve Chair Jerome Powell, who said that the strength of the US economy and tightness in the labor market could mean that interest rates need to rise higher.
- US GDP came in at 4.9% annualized, with the government, households, and homebuilders supporting growth. This was up from 2.3% in the second quarter and well ahead of the 4.3% growth expectations.
- Household spending grew by 4%, with durable goods increasing notably strong at 7.6% growth.
- Inflation in the US, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, was 3.4% on a yearly basis in September, in line with expectations.
- INR ended the week lower amid broad USD strength, despite falling oil prices.
- Oil prices fell amid concerns over slow economic growth, particularly in the Eurozone area.
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