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US Dollar struggles for momentum as midterm and payrolls tests loom – DBS
US GDP and PCE releases failed to restore USD momentum after the Dollar Index fell back below 102 following the 28 October FOMC meeting, according to DBS Group Research economist Philip Wee. Falling 10-year Treasury yields and worries about AI investment spending are adding to the pressure, he notes. The midterm elections on 3 November and nonfarm payrolls on 6 November could test whether the Dollar remains weak.
Dollar loses momentum as key US tests approach
"The DXY Index slipped back below 102 again after the October 28 FOMC meeting."
"Subsequent US GDP and PCE inflation releases did little to restore the USD’s momentum."
"The US Treasury 10-year yield retreated below 5% towards 4.90%, as the equity sell-off drove demand for safety."
"Concerns over cash burn at AI hyperscalers sharpened scrutiny of the investment boom underpinning the US exceptionalism narrative."
"The US midterm elections on November 3 and nonfarm payrolls on November 6 will test whether the USD’s loss of momentum extends."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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