EUR/USD exchanges hands in the 1.0920s on Monday, marginally down on the day, as the US Dollar (USD) attracts safe-haven flows on the back of increasing geopolitical risks stemming from Taiwan, where the Chinese People's Liberation Army (PLA) is conducting drills.
EUR/USD edges down as the US Dollar strengthens on safe-haven flows. China is saber-rattling in the South China Sea around Taiwan. Traders sell the Euro ahead of the expected cut at the ECB policy meeting on Thursday. EUR/USD exchanges hands in the 1.0920s on Monday, marginally down on the day, as the US Dollar attracts safe-haven flows on the back of increasing geopolitical risks stemming from Taiwan, where the Chinese People's Liberation Army is conducting drills.
Annual readings, however, resulted mixed, as PPI decelerated while core PPI rose by 2.8%, above the prior month’s 2.6%. Although mixed annual performance, the monthly readings weighed, as did the preliminary US Michigan Consumer Sentiment Index for October, which fell below September’s reading and analysts’ estimates. The CME FedWatch Tool is showing the markets are now pricing in around a 90% chance of a 25 bps Fed rate cut – up from 83% before the PPI data.
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