US Dollar (USD) continues to grind higher, nearing its 200-day moving average. Global stock markets are still under pressure, but the losses are more limited than yesterday, BBH FX analysts report.
Global stocks stabilize after yesterday’s losses
"Today, the US Supreme Court (SCOTUS) will hear oral arguments in a pair of challenges to President Donald Trump’s power to impose tariffs. There’s no way to know when the court will issue its decision, but the Trump administration urged the justices to act quickly."
"The ADP October employment data is up next (1:15pm London, 8:15am New York). Consensus expects ADP private-sector payrolls to rebound by 30k in October after declining -32k in September and -3k in August. Positive labor data would fuel further USD gains, while softer figures can trigger a partial USD correction."
"The ISM services October index is the other data spotlight today (3:00pm London, 10:00am New York). The headline index is projected at 50.8 vs. 50.0 in September, consistent with a modest expansion in services activity. Watch the prices paid and employment sub-indexes for signs that upside risks to inflation are receding and job losses moderating."
