On Thursday (Oct 27) sub-session, the low recovered, temporarily traded at 109.69, or 0.02%.
Expected to turn dovish in response to weaker economic data, broker Monex USA said early on the 26th that continued to weaken across the board.
Recent and other economic data point to no more growth.
With growth prospects for 2023 looking fragile, now is the time for the Fed to consider rolling back some of its measures.
The yield on the US 10-year Treasury note fell a marked 9.72 basis points to close at 4.006 per cent, continuing to weigh on the dollar.
Derek Holt, head of capital markets economics at Scotiabank, said the overall weakness in the dollar and the continued modest fall in Treasury yields in the previous day appeared to reflect wishful thinking on the Fed’s dovish turn at next week’s meeting. “Don’t get your hopes up,” he said.
Usd Index short-term resistance at 110.10–110.15, short-term important resistance at 110.60–110.65.
