Investing.com – The dollar was steady on Monday as it is still held ahead of Fed Chairman Powell’s speech. writing The Wall Street Journal.
located around 100.40, starting the new week in a narrow range after unsuccessful attempts to break through the 101.00 level in the last five-day trading period. adding 0.02%, trading at 1.1172 as then 10.57 Moscow time.
Investors are hoping to hear about the central bank’s next steps after it cut interest rates by 50 basis points earlier this month. Powell will speak at the annual meeting of the National Business Economics Association in Nashville, Tennessee, at 8:55 p.m.
“A Fed rate cut of 50 basis points is likely in November,” IG analysts said in a note.
Powell’s speech is unlikely to significantly change market expectations. However, the head of the central bank can give arguments to explain the financial authorities, and dovish statements can put pressure on the dollar.
The Fed’s favorite inflation measure bolsters market confidence in further Fed rate cuts, Maybank analysts wrote, noting that the US core PCE price index was weaker than expected .
Fed money futures now suggest a 75 bps rate cut. for the December FOMC meeting, analysts added.
2024-09-30 08:00:00
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