The U.S. Dollar improved by over half a percent as it closes a week filled with mostly statements from central bankers and nothing new to take away from most data prints.
Overview
Much of the boost came from confirmation from various comments by Fed members in the past few days that contractionary monetary policy is not entirely off the table yet. Fed Chair Jerome Powell added to this conclusion by specifically saying that if inflationary pressures are there, the FOMC will use tightening via interest rates without hesitation.
Lately, the economic picture has presented mostly a state of disinflation, but Fed members are not just being cautious, but trying to get markets away from the mentality and narrative that cuts to interest rates are not far down line. At 10 AM later, we will see how consumers feel with the University of Michigan Consumer Sentiment Survey, but next week will be packed with heavier items gauging inflation as well as sales activity.
Although there may be some closures today because of Veterans Day being observed, MonexUSA offices will remain open for business until 5PMEST.
What to Watch Today…
- Monex USA Online is always open
