Dollar slides despite upbeat US data
The post Dollar slides despite upbeat US data appeared on BitcoinEthereumNews.com. During the Asian session, the key highlight will be the release of Chinese economic data, including GDP figures. Additionally, RBA Bullock is scheduled to participate in a panel discussion. During European trading hours, the focus will shift to the release of UK inflation data. Here is what you need to know on Wednesday, October 18: Another round of upbeat US economic data was released. Retail sales in September rose 0.7%, surpassing the market consensus of 0.3%. August numbers were revised higher. Industrial Production in September increased by 0.3%, exceeding expectations of a flat reading. These positive figures initially boosted the US Dollar, but the impact was short-lived. The DXY closed with minor losses around 106.20. While US Treasury yields rose sharply, higher yields across the Atlantic offset the impact on the dollar. The 10-year Treasury yield reached 4.86%, while the German benchmark yield climbed 3.50% to 2.88%. Despite the positive economic news, Wall Street’s reception was mixed. The Dow Jones rose 0.04%, while the Nasdaq declined 0.25%. The earnings season continues on Wednesday, with Tesla, Morgan Stanley, Abbott, Netflix, and other companies reporting their results. Wells Fargo on US Retail Sales: Consumers are spending more at bars & restaurants, at auto dealers and online. That’s true on both a monthly basis and on trend over the past year. Consumers are looking for nothing but a good time, and it is hard to resist seeing the upside risk to the outlook. During the European session, the Japanese Yen (JPY) experienced a sharp spike in response to reports suggesting that the Bank of Japan (BoJ) was likely to revise its inflation forecast for the fiscal years 2023 and 2024. However, the Yen’s momentum was short-lived, and it subsequently pulled back, erasing all its gains. The USD/JPY pair found support around 148.75 and,…
The post Dollar slides despite upbeat US data appeared on BitcoinEthereumNews.com.
During the Asian session, the key highlight will be the release of Chinese economic data, including GDP figures. Additionally, RBA Bullock is scheduled to participate in a panel discussion. During European trading hours, the focus will shift to the release of UK inflation data. Here is what you need to know on Wednesday, October 18: Another round of upbeat US economic data was released. Retail sales in September rose 0.7%, surpassing the market consensus of 0.3%. August numbers were revised higher. Industrial Production in September increased by 0.3%, exceeding expectations of a flat reading. These positive figures initially boosted the US Dollar, but the impact was short-lived. The DXY closed with minor losses around 106.20. While US Treasury yields rose sharply, higher yields across the Atlantic offset the impact on the dollar. The 10-year Treasury yield reached 4.86%, while the German benchmark yield climbed 3.50% to 2.88%. Despite the positive economic news, Wall Street’s reception was mixed. The Dow Jones rose 0.04%, while the Nasdaq declined 0.25%. The earnings season continues on Wednesday, with Tesla, Morgan Stanley, Abbott, Netflix, and other companies reporting their results. Wells Fargo on US Retail Sales: Consumers are spending more at bars & restaurants, at auto dealers and online. That’s true on both a monthly basis and on trend over the past year. Consumers are looking for nothing but a good time, and it is hard to resist seeing the upside risk to the outlook. During the European session, the Japanese Yen (JPY) experienced a sharp spike in response to reports suggesting that the Bank of Japan (BoJ) was likely to revise its inflation forecast for the fiscal years 2023 and 2024. However, the Yen’s momentum was short-lived, and it subsequently pulled back, erasing all its gains. The USD/JPY pair found support around 148.75 and,…
What's Your Reaction?
