US Dollar gains ahead of important US macro data.
The US Dollar Index resumed its rise above 106.00. And is expected to have a quiet day of trade.
On Tuesday, the US Dollar (USD) saw an extraordinary comeback. And on Wednesday, it is expected to maintain these gains. This week’s closing bell in the US caused the US Dollar Index to retreat somewhat. Even though Microsoft’s results fell short of forecasts and Alphabet’s stock surged. In the lead-up to the European Central Bank meeting on Thursday. The US dollar is predicted to move in a rather narrow range on Wednesday.
Regarding the financial information On the front end, Wednesday has a very light calendar with no significant catalysts anticipated. The figures on new home sales will be the only factor in play. Chairman of the US Federal Reserve (Fed) Jerome Powell is scheduled to speak. But it will only be as opening remarks to present Alan Blinder, the 2023 Moynihan Prize winner. At the Moynihan Lecture in Social Science and Public Policy in Washington.
Daily summary: US dollar enters the pre-storm calm
The Mortgage Bankers Association (MBA) releases its weekly Mortgage Applications at approximately 11:00 GMT on Wednesday. A week earlier, mortgage applications decreased by 6.9%.
The New Home Sales number will be released at 14:00 GMT. A generally stable figure is anticipated, up from the prior 0.675from 0.68 million to million.
The weekly adjustments in the crude inventory are scheduled to be released by the Energy Information Administration (EIA). There was a 4.491 million barrel depletion the week before, and this week is expected to see a modest gain of 0.239 million barrels.
At 17:00 GMT, the US Treasury will hold a 5-year Note auction.
Asia’s stock market is rising; the star indices of China and Japan have both risen by more than 0.5%. Following the mixed results from Alphabet and Microsoft following the US closing bell on Tuesday, European and US futures are experiencing greater difficulties. The results of Meta are anticipated by investors this Wednesday following the US closing bell.
Market pricing indicates that there is a 99.6% probability that the Federal Reserve will maintain interest rates during their November meeting.
The benchmark US Treasury yield, which is currently trading at 4.83%, has returned to levels that have reassured markets. The withdrawal from 5% has allowed the US Dollar to acquire strength once more.
