US dollar is consolidating after a pause in this week’s surge.
The US Dollar (USD) consolidates on Friday following a tiny decline the day before, but looks likely to post a fourth straight week of gains ahead of the release of US Durable Goods data. In what had been a sharp gain this week, Thursday was a bit of a profit-taking day for King Dollar. Uncertainty over the US presidential election has returned after a little respite on Thursday, with polls indicating a very close race.
Traders prepare for the publication of Durable Goods Orders data amid US presidential election uncertainties.
The US economy This Friday’s calendar features two major events. The first will be the announcement of US Durable Goods Orders for September. The second and final publication of the week will be the University of Michigan’s final reading for October’s Consumer Sentiment data.
Daily Market movers: Last straw for this week.US Dollar Index is hovering around 104.00, looking for support.
This Friday’s data schedule begins at 12:30 GMT with the Durable Goods release for September:
Durable goods orders are likely to fall by 1% after being broadly flat a month ago.
Durable goods without transportation should decline by 0.1%, compared to a 0.5% increase previously.
Any changes from the prior month could be more market-moving than the new number.
On Friday at 14:00 GMT, the University of Michigan will reveal its This is the final reading for October. Consumer sentiment is likely to rise moderately to 69.0 from a preliminary reading of 68.9. Five-year inflation estimates are predicted to continue at 3%.
At 15:00 GMT, Federal Reserve Bank of Boston President Susan Collins speaks at the Mass Black Expo in Boston about the Fed’s efforts to create an economy that works for everyone.
Equities are opening slightly lower on Friday.
Equities are opening slightly lower on Friday, with European indices under pressure from poor earnings. US Futures are still searching for direction.
The CME FedWatch Tool predicts a 25 basis point (bps) rate cut with a 97% probability against a 3% possibility of no rate cut at the forthcoming Fed meeting on November 7.
The US ten-year benchmark The rate is trading at 4.18%, down from a high of 4.24% reached Wednesday.
