The Greenback’s rally continued to give some signs of potential exhaustion on Wednesday, despite encouraging prints from the job creation in the US private sector and further evidence of a resilient US economy.
Here is what you need to know on Thursday, October 31: The US Dollar Index receded to three-day lows and pierced the 104.00 support amidst the generalised weakness in US yields across the spectrum. The PCE data will take centre stage, seconded by the weekly Initial Jobless Claims, Personal Income and Spending, the Chicago PMI, Challenger Job Cuts, and the Employment Cost Index. EUR/USD gathered extra steam and challenged the critical 200-day SMA near 1.0870, up for the third straight day.
USD/JPY saw another session of sidelined trading amidst steady prudence prior to the interest rate decision by the BoJ and vital US data releases. The BoJ’s interest rate decision will be the salient event followed by the BoJ Quarterly Outlook Report. In addition, advanced Industrial Production results are due along with weekly Foreign Bond Investment figures, Housing Starts, and Construction Orders.
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