USD Index: Bullish move runs out of steam near 110.60 – by pabspiovano DollarIndex Currencies Majors
NIFB Business Optimism Index eases to 91.3 in October.The dollar’s recovery appears to be losing some momentum after reaching daily highs around 110.60 when tracked by theThe index clings to its daily gains north of the 110.00 region on Tuesday, looking to finally set aside two consecutive daily retracements and embark on a more serious rebound.
In the US data space, the NIFB Business Optimism Index receded a tad to 91.3 in October , while the IBD/TIPP Economic Optimism index is due later ahead of the weekly report by the API on USThe index manages to stage a mild recovery after hitting 2-week lows in the proximity of the 110.00 region on Tuesday.
Looking at the more macro scenario, the greenback also appears bolstered by the Fed’s divergence vs. most of its G10 peers in combination with bouts of geopolitical effervescence and occasional re-emergence of: Consumer Credit Change – Midterm Elections – MBA Mortgage Applications, Wholesale Inventories – Inflation Rate, Initial Jobless Claims, Monthly Budget Statement – Preliminary Michigan Consumer Sentiment .: US midterm elections. Hard/soft/softish? landing of the US economy.
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