The U.S. Dollar is trading in mostly familiar ranges as the lack of economic data leaves markets at the mercy of headlines
Overview
There was bit of a global stocks rebound with equities primarily benefiting from good reports out of tech firms. Semiconductor companies such as Taiwan Semiconductor Manufacturing Co. have increased their revenue targets as they foresee higher demand in their field. The S&P 500 continues rising as roughly 78.0% of companies reporting earnings have beaten their estimates. Meanwhile, Gold is improving and hitting new highs as it has climbed by 60.0% in value thus far in the year.
Without eyes of official figures for inflation for suppliers in the form of Producers Price Index we will be looking at what affects currency pairs from global data points. For today, optimism behind tech advancement has overshadowed the friction that the U.S. and China are experiencing. U.S. Treasury Secretary Scott Bessent explained that a delay on duties could materialize if Chinese leadership takes off limits on earth metals and other raw materials. For now, the Buck is trading quite tightly.
What to Watch This Week…
- Compliance Webinar – October 23rd @ 4pm EST – Save your seat
- Monex USA Online is always open
EUR ⇑
The Euro remains in positive territory after pulling off a bit of a recovery from the downfall of last week. While the situation in France remains somewhat problematic, there has been more positivity from leadership. Tomorrow, we will get a chance to look at inflation via September Consumer Price Index. The shared currency has been down by over 1.0% in the past 4 weeks.
MXN ⇑
Although Mexican Peso is on the same boat as other tender that is moving quietly, it is worth pointing out the growth in Emerging-Market currencies. After intervention in the FX markets, Indian Rupee climbed 1.1% throughout the last two trading sessions which gave a jolt to the MSCI Emerging-Market Currency Index after it had dwindled since the start of October. Investors are looking for yield as well as alternatives to American and European investments and they may go to INR if trade improves.
