US Dollar holds on to gains on Tuesday with markets set for Fed speakers to take over
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The US Dollar rally from the European session is not seeing firm follow-through ahead of the US session. The Trump trade is driving the Greenback higher while a goldilocks scenario comes in play. The US Dollar index slices through a difficult level of resistances. The US Dollar (USD) is ticking higher and sees near 0.3% gains in the US Dollar Index ahead of the US trading session on Tuesday. The Greenback is crushing markets, steamrolling across the quote board against other major currencies. A goldilocks momentum is taking place with the US Federal Reserve (Fed) sticking to its interest-rate cutting cycle, while the rollout plan from President-elect Donald Trump is favouring equities due to prospects of stimulus and tax reduction packages once Trump takes office. The US economic calendar is rather empty this Tuesday in terms of data, with the numbers from the National Federation of Independent Business (NFIB). Markets will rather focus on the batch of Fed speakers who will be speaking this Tuesday. After Fed Chairman Jerome Powell vowed that the Fed will remain data-dependent, a continuation of the rate-cutting cycle could fuel the current Trump trade rally in equities and the US Dollar even more. Daily digest market movers: More rate cuts together with Trump trade The National Federation of Independent Business (NFIB) Optimism index, which gauges sentiment among US small and medium-sized firms, came in at 93.7 in October, up from 91.5 a month earlier and beating market expectations. Four Fed speakers are set to release comments to the markets: At 15:00 GMT, Federal Reserve Governor Christopher Waller delivers a keynote speech at the Clearing House Annual Conference in New York. Around 15:15 GMT, Federal Reserve Bank of Richmond Thomas Barkin delivers a speech and participates in a moderated Q&A session at the Together Summit in Baltimore.…
Filed under: News - @ November 12, 2024 4:20 pm