The Dow Jones Industrial Average (DJIA) spun a tight circle on Tuesday, holding steady near familiar levels as investors await meaningful data or news headlines to get the machine chugging again.
USD and 10-year Treasuries weakened after President Donald Trump said he was firing 'for cause' Fed Governor Lisa Cook effective immediately, BBH FX analysts report.
The DXY Index climbed 0.7% to 98.4 overnight, primarily on profit-taking sparked by better-than-expected US new home sales (NHS).
The coming weeks, and probably even months, are likely to be a tightrope walk for the dollar against the backdrop of the Fed's adjusted stance.
The US Dollar (USD) briefly sold off 0.6% in Asia after news broke that US President Donald Trump was dismissing Lisa Cook, a member of the Federal Reserve's governing board. This follows allegations of mortgage application irregularity.
US Dollar (USD) fell this morning, in knee-jerk reaction to headline that Trump removed Fed Governor Lisa Cook from her position. DXY last at 98.43 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is steadying after recovering daily losses and trading around 98.40 during the European hours on Tuesday.
Dow Jones futures fall by 28% to trade around 45,200 during European hours on Tuesday, ahead of the opening of the United States (US) regular markets. Moreover, the S&P 500 futures decline by 0.26% to trade below 6,450, and the Nasdaq 100 futures fall by 0.30%, trading around 23,400.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, corrects to 98.30 during the Asian trading session on Tuesday, following a decent recovery move the previous day.
The Dow Jones Industrial Average (DJIA) saw a slight decline on Monday, with the major equity index easing back from record highs posted last week.
The US Dollar (USD) is entering Monday’s NA session with broad—albeit minor—gains as it tries to claw back a portion of Friday’s Jackson Hole-driven decline, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
US Dollar (USD) fell post Powell’s speech at Jackson Hole. But the decline in USD did not make fresh lows. DXY last at 98 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Chairman Powell managed to surprise the market on Friday after all, putting pressure on the US dollar. Expectations had been gradually scaled back over the previous week, allowing the US dollar to benefit. On Friday, EUR/USD even traded in the 1.15 range once again.
Dow Jones futures are showing a 0.20% decline a few hours ahead of Monday's opening.
The Dow Jones Industrial Average (DJIA) soared to new all-time highs on Friday, testing above 45,700 for the first time since the index’s inception.
The US Dollar (USD) retains a firm undertone in quiet trade ahead of Powell’s remarks at 10ET.
The dollar is doing a little better as investors re-adjust their pricing for the 17 September FOMC meeting. 10 days ago, the market priced a 27bp rate cut. Today, just an 18bp cut is priced in. This adjustment has provided a little support to the dollar.