Dollar Slips on Fedspeak, Sour Regional Data
A Bloomberg gauge of the dollar slipped as Federal Reserve commentary and bleak regional Fed data bolstered the case for a quarter-point rate cut later this month. Group-of-10 currencies traded in tight ranges across the board. The euro rose as French Prime Minister Sebastien Lecornu survived two no-confidence votes on Thursday.
The Bloomberg Dollar Spot Index under pressure through Asia, London and New York trading; down 0.2% and falling for a third day
Federal Reserve Governor Christopher Waller told Bloomberg officials can keep easing rates in 25bp increments; Governor Stephen Miran separately reiterated his view for a half-point move this month
The Philadelphia Fed’s Business Outlook measure unexpectedly dropped to -12.8 in October; +10 reading was expected; the New York Fed’s Services Activity gauge came in at -23.8
Global trade risks remain top of mind for investors, with a focus on China’s announcement of controls on rare-earth exports
EUR/USD rises 0.2% to 1.1675 day’s high, strongest since Oct. 7
French Prime Minister Sebastien Lecornu survived two no-confidence votes Thursday, paving the way for a debate on the national budget
USD/JPY slips 0.1% to 150.87
Strong onshore demand for USD/JPY seen both times the pair fell below 150.60, suggesting options-related bids were in play: traders
AUD/USD down as much as 0.5% to 0.6480 before trimming the move to 0.2%
Traders bolstered expectations of RBA rate cuts after data showed unemployment in Australia jumped to a four-year high.
Source : Bloomberg.com
