Select Language

USD fades as data lift EUR - Scotiabank

Breaking news

USD fades as data lift EUR - Scotiabank

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.10.30 20:50
USD fades as data lift EUR - Scotiabank

update 2024.10.30 20:50

The US Dollar (USD) is trading lower overall to start the day, Scotiabank's Chief FX Strategist Shaun Osborne notes.

USD may find support from GDP data

"There are some signs that the October bull run in the DXY is moderating. Short term charts reflect some (minor, so far) softness in price action and the pre-election demand for USD topside protection via risk reversals may be flattening out. This may may point to some stabilization in the broader USD trend--at least ahead of the election itself."

"The sharp fall in US yields following yesterday's well-received 7Y auction is extending this morning and is adding to USD headwinds in the short run while stronger than expected Eurozone data has given the EUR a lift. Sterling is a moderate underachiever ahead of the UK budget-- but Gilts are outperforming amid generally firmer fixed income markets. Stocks are soft in Europe as markets have been forced to (further) reprice ECB easing expectations after this morning's data round. US equity futures are firmer, however."

"It's another busy day of data releases is the US. ADP data at 8.15ET may shed some light on the impact of weather on hiring this month. Consensus expectations call for hiring to slow to 111k (from 143k in September). The advance Q3 GDP report is expected to show resilient growth (3%) and slowing core PCE inflation (2.1%); that's Goldilocks-like and could be USD-supportive. Firm data may help keep the DXY from testing technical support at 103.93."


Date

Created

 : 2024.10.30

Update

Last updated

 : 2024.10.30

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

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.

Was this article helpful?

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].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

Mexican Peso plunges to new yearly low amid strong US Dollar

The Mexican Peso depreciated sharply against the Greenback on Friday and recorded new yearly highs of 20.29, above the former 20.22 peak late in the North American session, set to print weekly losses of over 1.50%.
New
update2024.11.02 07:31

Australian Dollar declines after high-tier US data, Chinese worries

.
New
update2024.11.02 06:40

NZD/JPY Price Analysis: Mixed technical outlook with sideways movement

Friday's trading saw the NZD/JPY pair continue its sideways movement of the past sessions.
New
update2024.11.02 05:49

Forecasting the upcoming week: US Presidential Elections overshadows Fed's decision

This past week, the US Dollar consolidated at around familiar levels, though it is set to snap four consecutive weeks of gains ahead of a busy schedule.
New
update2024.11.02 05:32

Dow Jones Industrial Average surges on soft US NFP data, Fed easing hopes rise

The Dow Jones Industrial Average (DJIA) posted solid gains of close to almost 300 points or 0.71% on Friday, on softer-than-expected economic data, reinforcing investors' hypothesis of further easing by the Federal Reserve.
New
update2024.11.02 04:04

US Dollar rebounds after NFPs and ISM PMIs

The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, rebounded intraday despite the weak jobs data as annual wage inflation rose to 4%, indicating that inflationary pressures remain elevated.
New
update2024.11.02 04:00

Canadian Dollar mixed after US NFPs, ISM PMIs

The USD/CAD currency pair saw a mild decline in Friday's session, reaching a low of 1.3920.
update2024.11.02 02:10

GBP/USD Price Forecast: Climbs post weak US jobs report, eyes 100-day SMA

The Pound Sterling erased some of its Thursday's losses against the Greenback and rose 0.56% above its opening price after a dismal US jobs report reassured investors the Federal Reserve would continue to ease policy.
update2024.11.01 23:56

RBNZ: A high bar for a 75bps cut - Standard Chartered

We think the bar is high for a 75bps OCR cut given the prevailing economic backdrop.
update2024.11.01 23:56

EUR/CAD Price Prediction: Decisively breaks out of top of pattern

EUR/CAD rallies and pierces decisively above the slanting roof of the price pattern it had been trading in since the beginning of August.
update2024.11.01 23:40

Disclaimer:arw

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.

  • Facebook
  • Twitter
  • LINE

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

I agree
share
Share
Cancel