Dollar Remains Directionless After Data

The dollar continues to struggle to find direction despite upbeat economic data. USD/JPY remains wedged in between 113.70 and 114.20, and EUR/USD between 1.0750 and 1.0725, with the dollar fractionally lower against the yen, but up 0.15% versus the euro.

USD/CAD was inching higher in concert with profit-taking pressure on oil futures. Brent crude is down more than 2% with its domestic counterpart, West Texas intermediate, lower by nearly 3% per barrel.

To recap this morning’s U.S. economic data: the trade deficit widened to $42.6 billion from $36.2 billion in September; Q3 non-farm productivity was unrevised at +3.1% while unit labor costs were pushed higher to +0.7% from +0.3%; and factory orders increased a healthy 2.7% while September was revised higher to +0.6% from +0.3%.