The dollar benefited from this uncertainty, with the dollar index and dollar index futures slightly higher in Asian trading. Both instruments rose about 0.3% in overnight trading, nearing 11-month highs.
The focus now is on Fed Chairman Jerome Powell's speech at the New York Economic Club later in the day. Given the recent rise in inflation, many expected Powell to repeat his long-term stance on raising interest rates.
In Asia, the Japanese yen fell by nearly 150 yen against the dollar on Thursday. Market speculation is that this could lead to government intervention in the foreign exchange market. The currency received some support on data showing China's economy grew faster than expected in the third quarter, but amid growing concerns about a possible default in the country's real estate market. , quickly reversed. The yuan is trading at more than 7.3 yuan against the dollar, near its lowest level in a year.
The focus now is on Fed Chairman Jerome Powell's speech at the New York Economic Club later in the day. Given the recent rise in inflation, many expected Powell to repeat his long-term stance on raising interest rates.
In Asia, the Japanese yen fell by nearly 150 yen against the dollar on Thursday. Market speculation is that this could lead to government intervention in the foreign exchange market. The currency received some support on data showing China's economy grew faster than expected in the third quarter, but amid growing concerns about a possible default in the country's real estate market. , quickly reversed. The yuan is trading at more than 7.3 yuan against the dollar, near its lowest level in a year.
🟢TP: 0.6330
🔴SL: 0.6385