U.S. Dollar Extends Gains As Solid PMI Data Reduces Prospects Of Aggressive Rate Cut
03 Octobre 2024 - 3:08PM
RTTF2
The U.S. dollar extended gains against its major counterparts in
the New York session on Thursday, as the nation's service sector
activity climbed more than expected in September, reducing the
likelihood of a 50 basis point rate cut by the Federal Reserve at
the meeting in November.
Data from the Institute for Supply Management showed that the
services PMI shot up to 54.9 in September from 51.5 in August, with
a reading above 50 indicating growth. Economists had expected the
index to inch up to 51.7.
With the much bigger than expected increase, the services PMI
reached its highest level since hitting 55.0 in February 2023.
Traders are now pricing in a 63.7 percent chance of a 25 basis
point rate cut in November.
The greenback strengthened to 3-week highs of 1.1009 against the
euro, 1.3089 against the pound and 0.8543 against the franc, off
its early lows of 1.1048, 1.3269 and 0.8491, respectively.
The greenback climbed to a 1-week high of 0.6829 against the
aussie, near 2-week high of 0.6211 against the kiwi and a 10-day
high of 1.3553 against the loonie, from its early lows of 0.6888,
0.6268 and 1.3496, respectively.
The greenback appreciated to a 1-1/2-month high of 147.24
against the yen.
The currency is seen finding resistance around 1.08 against the
euro, 1.28 against the pound, 0.90 against the franc, 0.64 against
the aussie, 0.60 against the kiwi, 1.38 against the loonie and
149.00 against the yen.
US Dollar vs CAD (FX:USDCAD)
Graphique Historique de la Devise
De Nov 2024 à Déc 2024
US Dollar vs CAD (FX:USDCAD)
Graphique Historique de la Devise
De Déc 2023 à Déc 2024
