Created
: 2024.10.07
2024.10.07 20:26
The US Dollar (USD) is consolidating last week's solid rise, Scotiabank's Chief FX Strategist Shaun Osborne notes.
"After strong gains last week, stocks are starting the week off on a slightly softer note while bonds are broadly weaker. US 10Y yields are trading above the 4% point for the first time in two months after Friday's US jobs data erased the risk of another jumbo rate cut from the Fed in November. Yield spreads have moved supportively for the DXY and, with perhaps a little more focus on the looming presidential election in the US, the window for the USD to remain firm, or perhaps firm a little more, is clearly open."
"The rebound in the USD comes a little earlier than the typical seasonal pick up we see in Q4 before a late year fade. The DXY's performance on the charts is bullish following a positive close on the week through Friday. Intraday patterns suggest a minor consolidation ahead of another push higher, potentially to the 103-104 range in the next couple of weeks. The Fed's Kashkari, Bostic and Musalem are speaking later today (the latter two after our market close)."
"Japan releases labour cash earnings data for August this evening. July's numbers were revised down slightly (to 3.4%) from preliminary data but underlying trends in wages are still strong. Another firm gain in pay may not move the dial on low October tightening bets (less than 1bps priced in) for the 31st but should bolster expectations that the BoJ may tighten again at its next meeting on December 19th."
Created
: 2024.10.07
Last updated
: 2024.10.07
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy