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The US Dollar trades up despite Fed’s Kashkari confirming further rate cut path.  Markets got surprised by comments out of China that a bond stimulus program could amount to 6 trillion Yuan.  The US Dollar Index pops above 103.00 and is testing firm resistance levels on the upside.  The US Dollar (USD) is already fired up at the start of the week and ticks higher, despite several parts of the US markets closed for Columbus Day. Despite the bank holiday, three Federal Reserve (Fed) members are due to speak. Meanwhile, China surprised markets with comments that China might issue up to 6 trillion Yuan (CNH) in bonds over three years to further boost its economy, according to Caixin.  The economic calendar is thus empty due to the Columbus Day bank holiday in the US. About Fedspeak, traders will need to watch out for comments from Federal Reserve Governor Christopher Waller, who has a track record of leaving market-moving comments.  Daily digest market movers: China to flood markets with cheap paper China might embark in issuing a large portion of debt, up to 6 trillion Yuan, over three years, according to a Caixin article.  Due to Columbus Day, the bond market is closed in the US. Equity Futures markets are open and trading. At 13:00 GMT, Federal Reserve Bank of Minneapolis President Neel Kashkari said it appears likely that “further modest reductions” in the central bank’s benchmark interest rate will be appropriate in the coming quarters, Bloomberg reports.  Later at 21:00 GMT, Kashkari will speak again about the current state of the US economy at the Department of Economics of Torcuato di Tella University. Around 19:00 GMT, Federal Reserve Governor Christopher Waller speaks about the US economic outlook at a conference titled “A 50-Year Retrospective on the Shadow Open Market Committee and Its Role…

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Filed under: News - @ October 14, 2024 3:20 pm