US dollar fell slightly on Friday after a sharp rise.
The US Dollar (USD) is flat to slightly lower on Friday, reflecting profit-taking following sharp advances versus many major G20 currencies this week.
Traders expect China to step up steps with deposit rate decreases and further stimulus specifics.
The small retracement follows Chinese GDP data and new details on the Chinese government’s stimulus package. With Chinese deposit rates reduced on Friday and more details given on the Chinese stimulus program. It appears China appears to be propping up its economy even further.
There isn’t much economic data on the US calendar. Building Permits and Housing Starts are the only market-moving data factors scheduled for Friday. Instead, look for the Federal Reserve (Fed), where at least three members are scheduled to speak.
Daily market movers: Is anyone still concerned about the Fed?US Dollar Index appears to be coming to an end, with 104.00 in sight.
At 12:30 GMT, the US Census Bureau will release September housing data. Monthly building permits forecast to be 1.46 million, down from 1.47 million in August, and housing starts expected to fall to 1.35 million from 1.356 million the previous month.
At 13:30 GMT, Federal Reserve Bank of Atlanta President Raphael Bostic gives a talk regarding economic High school students received education as part of the Mississippi Council on Economic Education Event.
Moreover Around 14:00 GMT, Federal Reserve Bank of Minneapolis President Neel Kashkari moderates a policy panel at the 2024 Macroeconomic Policy Perspectives conference, which is co-hosted by the Minneapolis Fed, the University of Chicago, and Stanford University.
Around 16:10 GMT, Federal Reserve Governor Christopher Waller speaks about decentralized finance at the Nineteenth Annual Vienna Macroeconomics Workshop in Vienna, Austria.
Fed’s Bostic delivers remarks and engages in a moderated discussion at the Mississippi Council on Economic Education’s Forum on American Enterprise luncheon in the United States.
At 16:30, Fed’s Bostic delivers remarks and engages in a moderated discussion at the Mississippi Council on Economic Education’s Forum on American Enterprise luncheon in the United States.
Furthermore Asian markets witnessed Chinese indices outperform due to the additional wave of stimulus measures implemented. European equities are trying to understand European Central Bank President Christine Lagarde’s remarks. from Thursday on the slowing European economy. US futures remain flat for the day and have yet to take a direction.
Moreover The CME Fed rate expectation for the November 7 meeting shows a 90.2% probability of a 25 basis point rate drop, with the remaining 9.8% pricing in no rate cut. Chances of a 50 basis point rate drop have totally priced out.
The US 10-year benchmark rate is currently trading at 4.11%, having flirted with a break below 4% on Wednesday.
