Daily digest market movers: US Dollar declines on profit-taking, eyes on Fed speakers
- On the data front, US Building Permits dropped to 1.428 million, down from 1.47 million in August, while Housing Starts decreased to 1.354 million compared to 1.61 million previously.
- Three Fed members, Raphael Bostic, Neel Kashkari and Christopher Waller, are scheduled to give speeches. Investors will look for clues on the Fed’s evolving monetary policy, though the market largely expects two 25 bps cuts in November and December.
- Swap futures suggests that the markets are seeing two cuts by the Fed for the rest of 2024. The US 10-year benchmark rate stabilized near 4.10%.
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