US dollar is struggling to hold gains ahead of this week’s close.
The US Dollar Index falls below 104 for the second time this week. And is set to lose ground on Thursday.
With the European trading day halfway through, the US Dollar (USD) moves sideways to lower. Although the US dollar had decent cards on Wednesday, erasing this week’s losses, it saw a near-complete reversal in the final trading hour before the US bank holiday. With no trade in the United States, Asian and European markets are sending the US Dollar Index (DXY) lower. and a weekly loss appears to be unavoidable.
Today calendar is quite light, with no US data to be published.
Today’s calendar is quite light, with no US data to be published. The European Purchase Managers Index (PMI) figures were released ahead of the US PMI figures for Friday. Although European numbers are still in decline, falling below 50, they are up from October.
Moreover If Friday’s US PMI readings fall, the shift in dynamics between European and US PMIs could cause the Greenback to fall even lower.
US Dollar Traders wait for the dust to settle.
The early readings for European purchasing manager indices suggest an increase from earlier lower levels in October, with an increase in November.
The Gaza cease-fire agreement has been postponed by one day. This will take happening on Friday.
Furthermore A automobile explosion on the border between Canada. And the United States was ruled an accident with no terrorist purpose.
The Chinese government’s backing and funding announced on Wednesday boosted the Chinese property sector by about 7%.
In early morning remarks, ECB member Joachim Nagel stated. That the European Central Bank (ECB) is unsure if it has achieved its peak rates. Rates must remain higher for a longer period of time since inflation may rise sharply in the coming months.
On this US holiday, stocks are slightly higher. The Chinese Hang Seng is worth noting, as it is up 1% approaching the closing bell. European shares are looking for direction, while US equity futures are modestly up in their half-day trading session owing to the US government shutdown. holiday.
Furthermore According to the CME Group’s FedWatch Tool, markets are pricing in a 97.8% possibility. That the Federal Reserve will hold interest rates steady at its December meeting. A delicious side detail is that now 2.2% believe a raise is imminent.
Moreover The benchmark 10-year US Treasury Note yield has stopped trading at 4.40%. And will not change on Thursday because markets are closed.
