{"id":65014,"date":"2024-10-08T12:27:55","date_gmt":"2024-10-08T12:27:55","guid":{"rendered":"https:\/\/hub.onequity.com\/?p=4157"},"modified":"2024-10-08T12:27:55","modified_gmt":"2024-10-08T12:27:55","slug":"dollar-falls-from-highs-euro-gains-on-strong-german-data","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/ar\/dollar-falls-from-highs-euro-gains-on-strong-german-data\/","title":{"rendered":"Dollar Falls from Highs, Euro Gains on Strong German Data"},"content":{"rendered":"\n<p>The U.S. dollar declined on Tuesday, though it remained near seven-week highs, as market traders analyzed the Federal Reserve&#8217;s monetary policy estimates following last week&#8217;s strong employment report.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Dollar Appears to Be Pausing<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>Friday&#8217;s strong payrolls report prompted traders to reassess the Fed&#8217;s rate-cutting path, with a 50 basis point cut in November mostly ruled out in favor of a 25 basis point reduction. The benchmark 10-year Treasury yield, reflecting moderate expectations, held above 4% on Tuesday, while the two-year yield reached its highest level in over a month. This, along with escalating tensions in the Middle East affecting risk sentiment, has helped boost the dollar.<\/p>\n\n\n\n<p>Later this week, several Federal Reserve members will speak, along with the release of September&#8217;s inflation report and the minutes from the U.S. central bank&#8217;s previous meeting. ING analysts noted, &#8220;We have seen a fairly limited impact on the FX market from US 10-year yields hitting the 4% mark, which appears to be the tail end of the payrolls-induced move that has already triggered some considerable repositioning in dollar crosses.&#8221; <\/p>\n\n\n\n<p>The analysts added, &#8220;There is a possibility that the FX market will cease to be guided by rates now that the Fed&#8217;s new 25 basis point per meeting rate path has become the market benchmark. We suspect that this week&#8217;s inflation data will not cause major directional changes in the dollar, which may instead respond more to the turmoil in the Middle East and the resulting moves in oil prices.&#8221;<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Euro Benefits from German Industrial Production<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>In Europe, the EUR\/USD rose 0.2% to 1.0995. The euro benefited from the release of better-than-expected industrial production data in Germany, as the August figure increased by more than 2.9% more than estimated compared to last month.<\/p>\n\n\n\n<p>Moreover, the less volatile quarter-on-quarter comparison revealed that output was 1.3% lower in the June to August period than in the previous three months.<\/p>\n\n\n\n<p>The European Central Bank meets next week and is expected to ease policy once again, having already cut rates twice this year, as inflation pressures have eased.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>GBP\/USD and Yuan Developments<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>GBP\/USD was up 0.2% at 1.3104, moving away from Monday&#8217;s three-week low of 1.3059. Data released on Tuesday revealed that UK retail sales rose at their fastest pace in six months during September, with total sales rising 2% year-on-year, helped by a 3.1% rebound in food retailers, while non-food transactions fell 0.3%.<\/p>\n\n\n\n<p>USD\/JPY fell nearly 0.4% to 147.55, giving back some of the strong gains posted the previous week. Data related to wage growth and household spending also supported Japan&#8217;s currency. USD\/CNY rose 0.5% to 7.0506 as trading resumed after the weeklong holiday. Sentiment towards China was boosted by a series of stimulus measures from Beijing, including lower interest rates, though this added further pressure on the yuan, especially as US interest rates are now expected to continue rising.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. dollar declined on Tuesday, though it remained near seven-week highs, as market traders analyzed the Federal Reserve&#8217;s monetary [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2936,2935],"tags":[642,643,644],"class_list":["post-65014","post","type-post","status-publish","format-standard","hentry","category-currencies","category-markets","tag-currencies-tag","tag-dollar","tag-euro"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dollar Falls from Highs, Euro Gains on Strong German Data - OnEquity<\/title>\n<meta name=\"description\" content=\"The dollar slips from seven-week highs, while the euro rises on strong German data. 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