The Greenback came under pressure as investors cashed out part of Wednesday’s “Trump trade” robust gains, while the Fed delivered a largely telegraphed 25 bps rate cut and Chief Jerome noted that inflation keeps heading towards the 2% target.
Here is what you need to know on Friday, November 8: Following Wednesday’s climb to multi-month tops, the US Dollar Index gave away part of those gains amidst a widespread profit-taking session as investors continued to digest Trump’s win and the Fed ’s rate cut. The advanced Michigan Consumer Sentiment will take centre stage ahead of the speech by the Fed ’s Bowman. EUR/USD managed to reverse part of Wednesday’s “Trump trade” steepsell-off, coming just short of the key 1.0800 barrier.
70, eventually retreating to the mid-153.00s on the back of the renewed offered bias in the US Dollar and diminishing US yields. Household Spending, the weekly Foreign Bond Investment figures and the flash Coincident Index and the Leading Economic Index are expected at the end of the week. AUD/USD gathered strong pace and rapidly left behind Wednesday’s sharp retracement, reaching new multi-day highs near 0.6670. The RBA’s Jones is due to speak.
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