Forex Today: Optimism keeps fading, but US Dollar bulls hardly noted – by ValBednarik EURUSD AUDUSD XAUUSD Growth Inflation
The American Dollar gathered some strength in the last trading session of the day, ending the day mixed across the FX board. The greenback benefited from a worsening sentiment following Tuesday’s developments in the Ukraine-Russia war, but also from some fresh macroeconomic news.
p announced he will seek another term in the office, launching his Presidential run for 2024. The news came as no surprise, but still lifted concerns amid his views on the US relationship with China and other polemic issues. Donald Trump is seeking another term in office, hoping to become the first US president in 130 years to stage a comeback after being rejected by voters. Also, Republicans are close to winning control of the House of Representatives, adding 8 seats to a total of 217, just one short of the total needed to create a majority., which came in at 11.1% in October when compared to 10.1% in the previous month, the highest reading in over four decades. US Treasury yields reflect renewed growth-related concerns. The yield on the 2-year note is marginally higher, at 4.37%, while the 10-year note pays 3.70%, down roughly 9 bps on the day. The US published anwhich rose by 1.3% MoM in October, better than anticipated. The figure sent stocks down amid speculation inflation may resume its advance, forcing the US Federal Reserve to maintain the aggressive tightening path. The same reason backed yields gain at the shorter end of the curve. Vice President Luis de Guindos said that the ECB would continue with policy normalisation and continue with the restrictive monetary policy, although Governing Council member Ignazio Visco added that reasons for a less aggressive ECB approach is gaining ground. Kansas President Esther George said the Fed should slow the pace of rate increases, noting that an economic contraction may be necessary to bring the services sector inflation down. Finally, tensions arose in China as the country keeps reporting increased coronavirus contagions. Regional lockdowns spread across the country and even triggered protests in the streets, likely worsening the situation. Wall Street spent the day in the red, following the lead of its overseas counterparts. Losses, however, have been limited.on Thursday. The country is expected to have added 15,000 new job positions in the month, while the unemployment rate is foreseen to tick higher, to 3.6% from the current 3.5%. The EURUSD pair trades at around 1.0370, while GBPUSD is stable around 1.1890. Commodity-linked currencies suffered the most, withdown to the 0.6720 region and USDCAD trading at 1.3230. There was little action around safe-haven currencies, with USDCHF and USDJPY confined to tight intraday ranges and settling at 0.9440 and 139.60, respectively. Gold consolidated gains and held within familiar levels, now trading at around $1,773 a troy ounce, while crudeInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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