Daily digest market movers: Trump banks on momentum
- During the US session on Tuesday, former President Donald Trump appeared in an interview on Bloomberg. He used the forum to further outline his plans on trade, the US economy and the Fed. His words pushed the US Dollar higher to fresh two-month highs against the Euro (EUR) and against the Chinese Yuan (CNY).
- Looking at the calendar, the weekly Mortgage Applications from the Mortgage Bankers Association (MBA) were due at 11:00 GMT. Applications fell by a staggering 17% after last week applications already fell by 5.1%.
- At 12:30 GMT, the Import/Export Price Index for September is due:
- Monthly Export Prices are set to decline less rapidly, by 0.4%, against the 0.7% decline from August while the Monthly Import Price Index is set to decline further to 0.4, coming from a negative 0.3% in August.
- Equities trade mixed, with Chinese stocks having closed substantially lower, while Japan was up on the day. European equities look sluggish while US futures are rather flat.
- The CME Fed rate expectation for the meeting on November 7 shows a 94.2% probability of a 25 basis point rate cut, while the remaining 5.8% is pricing in no rate cut. Chances for a 50 bps rate cut have been fully priced out.
- The US 10-year benchmark rate is trading at 4.00%, a touch softer than the high from last week at 4.11% seen on Thursday.
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
If you like, reward to support.
Hot
No comment on record. Start new comment.