The US dollar rises ahead of the Fed's decision

NEW YORK, Oct. 31 (Xinhua) -- The U.S. dollar rose in late trade on Tuesday, amid tentative market sentiment ahead of the upcoming Federal Reserve interest rate decision scheduled for Wednesday.

The dollar index, which measures the greenback against six major peers, rose 0.39 percent to 106.6525 in late trade.

U.S. home prices rose 0.6 percent on a monthly basis in August, according to the U.S. Federal Housing Finance Agency on Tuesday.

The S&P/Case-Shiller home price index rose 2.2 percent year-on-year in August, at a stronger pace than the 0.2 percent gain recorded in July.

US consumer sentiment continued to weaken in October, with The Conference Board's consumer confidence index falling to 102.6 from 104.3 in September. The one-year consumer inflation expectation was 5.9 percent.

"Entered responses indicated that consumers continued to be concerned about rising prices in general and food and gasoline prices in particular. Consumers also expressed concern about the political situation and higher interest rates," the conference board commented.

Traders also had a chance to take a look at the Chicago purchasing managers' index (PMI) report on Tuesday, which showed that the PMI fell from 44.1 in September to 44 in October.

In late New York trading, the euro fell to US$1.0582 from US$1.0619 in the previous session, and the British pound was down to US$1.2150 from US$1.2163.

Canada's GDP was flat in August as the economy lagged and missed the forecast by 0.1 per cent, with the odds of future rate cuts starting to rise, according to figures released by Statistics Canada on Tuesday. The US dollar rose to C$1.3863 from C$1.3817.

The Bank of Japan said on Tuesday it would keep the 10-year government bond yield around zero under its control of the yield curve, but redefined 1.0 percent as a loose "upper bound" rather than a rigid ceiling.

The US dollar bought 151.5660 Japanese yen, higher than 148.9850 Japanese yen from the previous session, and hit a new one-year high.

The US dollar was up at 0.9092 Swiss francs from 0.9016 Swiss francs and it climbed to 11.1587 Swedish kronor from 11.1311 Swedish kronor.


https://nord.news/2023/10/31/the-us-dollar-rises-ahead-of-the-feds-decision/?feed_id=52443

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