The Dollar Index (DXY) consolidated in a range of 101.55-101.80 after a three-day rally from 100.55 to 101.80, notes Philip Wee, Senior FX Strategist at DBS.
Markets are likely to fluctuate more
“US stock and bond markets were closed on Monday for the Labor Day holiday. Still, S&P and Nasdaq Composite futures point to a positive open today after being in negative territory for most of Monday. Today, the consensus expects the US ISM manufacturing PMI to improve to 47.5 in August from 46.8 in July.”
“However, markets view Friday’s jobs report as the main support for the expected 25 basis point rate cut at the FOMC meeting on September 18. With markets also weighing this potential against other expected rate cuts from other central banks, markets are likely to fluctuate further after the past two months of USD selling.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
