US Dollar hovers around 10-week high as markets rebuff aggressive Fed rate cuts
- The US Dollar hits several important levels against most major G10 currencies.
- Markets brace for three Fed speakers lined up to speak.
- The US Dollar Index orbits broke above important upside levels, though struggles to move higher.
The US Dollar (USD) broadly consolidates on Tuesday after reaching a 10-week high on Monday, fuelled by investors’ views that the Federal Reserve won’t cut interest rates as quickly and aggressively as previously expected. Moreover, markets seem to be betting on a possible win for former President Donald Trump in the November 5 presidential election after several betting websites and polls showed the Republican nominee starting to lead.
The US economic calendar is again rather light on Tuesday. Besides the NY Empire State Manufacturing Index for October, there is not much with the potential to thrill markets. Rather look for some moves coming from the three Fed officials that are scheduled to speak.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.