Euro/U.S. Dollar Futures Market News and Commentary
The dollar index (DXY00) on Wednesday fell by -0.90%. The dollar fell Wednesday afternoon after Fed Chair Powell said the Fed would begin to slow its pace of interest rate increases at next month’s FOMC meeting.
Wednesday’s U.S. economic news was mixed for the dollar. On the bearish side, the Nov ADP employment change rose +127,000, showing a weaker labor market than expectations of +200,000 and the smallest increase in 22 months. Also, the Nov MNI Chicago PMI unexpectedly fell -8.0 to a 2-1/2 year low of 37.2, weaker than expectations of an increase to 47.0. However, on the bullish side, Q3 GDP was revised upward by +0.3 to 2.9% (q/q annualized), stronger than expectations of 2.8%. Also, Oct JOLTS job openings fell -353,000 to 10.334 million, showing a stronger labor market than expectations of a decline to 10.250 million.
Fed Chair Powell said the time for moderating the rate hike pace might come as soon as the December FOMC meeting. He added that the Fed would n... Read more