The Dollar Index (DXY) initially fell to 101.27 from 101.68 during the US Presidential debate, DBS Senior FX Strategist Philip Wee notes.
Waiting for Fed’s Summary of Economic Projections
“Vice President Kamala Harris beat former President Donald Trump and won the endorsement of Taylor Swift. However, a higher-than-expected US CPI core inflation, which rose by 0.3% MoM in August instead of staying unchanged at July’s pace of 0.2%, lifted the DXY Index from 101.40 to 101.80.”
“During this period, the greenback became a haven on a sell-off in US equities from the futures market pulling back their bets for a 50 bps cut at the FOMC meeting on September 18. Following a 1.6% drop to 5407, the S&P 500 staged a steady recovery and ended Wednesday 1% higher at 5554, keeping the DXY in the 101.65-101.75 range for the rest of the session. The US Treasury 2Y yield rose 4.7 bps to 3.64%, while the 10Y yield edged up by 1.1 bps to 3.65%.”
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