A brief bullish rally at the start of this week faded overnight on Tuesday and Wednesday. It is a symptom of the market’s caution towards risk assets ahead of the vote in France on Sunday, says Francesco Pesole, FX strategist at ING.
Stillness is in the air before the week ends
“It’s a quiet day on the markets today ahead of a busy second half of the week, which also includes the first Biden-Trump debate tomorrow.. “This week’s data releases have so far failed to convey any compelling stories in the US macroeconomy.”
“Today’s data calendar is light in the US, with no Fed speakers scheduled. Yesterday, Michelle Bowman’s call for no cuts in 2024 confirmed her position as the most hawkish member of the Federal Reserve (Fed). Market pricing continues to hover around 45-50 basis points of easing by year-end.”
“We maintain a moderately bullish bias on the US Dollar (USD) for today and tomorrow because of this, although the underlying PCE event on Friday could well prove to be a catalyst for a dovish Fed review and some dollar weakness.”
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.
