The greenback continued its downtrend on Tuesday as merchants awaited the Federal Reserve’s October assembly minutes and US Existing Home Sales knowledge. The anticipation follows Monday’s market sentiment that noticed a weakened USD throughout main currencies, with the USD Index falling beneath August lows to underneath 104.00, influenced by a drop in US Treasury yields beneath 4.4%.
The Canadian greenback can also be in focus, with projections suggesting a lower within the Canadian October CPI to an annual price of three.2%, down from September’s price of three.8%. This potential decline comes forward of the discharge of Canadian inflation statistics, the place the pair traded simply above the 1.3700 mark.
Meanwhile, the Australian greenback noticed robust beneficial properties in opposition to the US greenback, nearing early August highs round 0.6600. This got here after the Reserve Bank of Australia’s discussions on rate of interest hikes to counter inflation threats.
In Europe, feedback from a European Central Bank Governing Council member hinted at secure future rates of interest, which pushed the pair modestly above 1.0950. Concurrently, the pair climbed previous a two-month excessive of over 1.2540, and the approached mid-September lows round 147.50.
Investors are carefully monitoring these foreign money actions as they mirror broader financial tendencies and central financial institution insurance policies affecting world markets.
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