US dollar is trading flat, aiming to break the recent downturn.
The US Dollar Index remains over 103 and attempts to return to 104.
The US Dollar (USD) is fighting back this Tuesday as the downturn comes to a stop for the time being.
The best way to look at it is through the US Dollar Index (DXY), which is enjoying a small rally in Asian trading on Tuesday, with the DXY remaining above 103. The economic calendar on Tuesday may cause some more changes in favor of the US dollar, resulting in a bounce. Add another step higher later in the trading session on Tuesday.
US markets will hear from four Fed policymakers.
Markets should expect statements from no less than four US Federal Reserve members, in addition to some very weak US data points. Two of them are speaking twice on Tuesday, bringing the total number of market guidance events to seven. Expect traders to search for further confirmation that the Fed has stopped hiking, or that more tightening is required, as some members believe.
Moreover Four Fed officials are scheduled to speak, as noted in the preceding paragraphs:
The Chicago Fed’s Austan Goolsbee is scheduled to speak at 15:00 GMT and will conclude his remarks at 22:00 GMT on Tuesday. At 15:05 GMT, Christopher Waller of the Board of Directors will speak just five minutes following Goolsbee.
Michelle Bowman, a member of the Federal Reserve Board of Governors, will talk at 15:45 GMT.
Michael Barr, Vice Chairman of the Federal Reserve, will speak twice on Tuesday: Twice, at 18:05 GMT and 20:30 GMT.
The Redbook Index for the week of November 24th is scheduled to be released at 13:55 GMT. The previous figure was 3.4%.
The September Housing Price Index is due at 14:00 GMT. The previous increase was 0.6%, with a 0.4% increase predicted.
Moreover The Case-Shiller Home Price Index is also due at that time, 14:00 GMT. Previous was 2.2%, with 4% predicted.
Markets will hear from the United States at 15:00 GMT. The Consumer Confidence Index for November is due. Previous was at 102.6 and should fall to 101.
Furthermore Keep an eye out for the Richmond Fed Manufacturing Index for November at 15:00 GMT, which is predicted to rise from 3 to 1.
At 16:30 GMT and 18:00 GMT, the US Treasury will go to market to auction a 52-week Bill and a 7-year Note.
Equities are continuing their downward trend from Monday.
Equities are continuing their downward trend from Monday, with practically every major index in the negative globally. The Hong Kong Hang Seng Index is down 1% in Asia. European indices and US market futures are in the negative, but they can yet turn the ship around on Tuesday.
Moreover The CME’s According to Group’s FedWatch Tool, markets are pricing in a 96.6% possibility that the Federal Reserve will hold interest rates steady at its December meeting. The likelihood of another raise is increasing by 3.4%.
The benchmark 10-year US Treasury Note is trading at 4.40%, having briefly reached 4.51%.
