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Newsquawk US Pre=Market Movers
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USDX (US DOLLAR INDEX)
- It should not be a surprise to see a 4=day pivot around 99.00 given that EURIUSD (68,6% of the index) is doing something similar around 1.1650
- This suggests for USDX to break away from 99.00, EURUSD would need to break away from 1.1650
- Current range: 98.80-99.17
USDX DAILY CHART
Newsquawk Daily US Opening News
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Forex Market Snapshot
- A cautious start to the week as all markets look ahead to Wednesday’s FOMC decision.
- EURUSD continues to trade on both sides of 1.1659 for the 4th day in a row
- GBPUSD iis down slightly on the day but off its low following a weaker UK jobs report. EURGBP is firmer.
- USDJPY is back above 155 after sdhruggi8ng o0ff another nbout of verbal intervention.
- Copper set another all time high following China trade surprise beat led by rising exports
- ECB’s Schnabel said he is comfortable with expectations the next rate move will be a hike but not anytime soon.
This Week’s Market-Moving Events
Global economic watchers face a packed week dominated by central bank meetings, inflation data, and trade figures across major economies. In the Asia-Pacific region, the Reserve Bank of Australia is widely expected to keep rates unchanged despite a slight uptick in inflation, while India and China release key CPI and PPI data that will signal whether recent disinflationary trends persist. Japan’s GDP revision is expected to show a deeper third-quarter contraction driven by weaker exports following U.S. tariffs, and sentiment and labor data from the region will further shape the outlook.
In Europe, Germany, the UK, Switzerland, and France will publish industrial production and inflation reports expected to show soft growth and modest disinflation. Meanwhile, Brazil is also set to hold rates steady as CPI edges higher. In North America, the Bank of Canada is projected to keep its policy rate unchanged, supported by stronger employment data.
The central event globally is the U.S. Federal Reserve’s FOMC meeting. With economic data still delayed from earlier reporting disruptions, policymakers must rely on an incomplete picture of the economy. Markets overwhelmingly expect a 25-basis-point rate cut as the FOMC weighs weakening job indicators against still-rising inflation. Chair Jerome Powell is expected to stress uncertainty, data dependence, and the absence of any “risk-free path” as the Fed navigates a mixed economic landscape (Econoday)
Market Update
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Newsquawk Daily Asia-Pac Opening News
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IN OUR BLOG: GET READY FOR THE FED
US Stocks Extend Gains After PCE
US stocks extended gains on Friday, with the S&P 500 up 0.5%, the Nasdaq rising 0.6%, and the Dow Jones advancing about 220 points, after PCE inflation data came in roughly in line with expectations, reinforcing bets on another Fed rate cut next week.
Markets are pricing in roughly an 87% chance of a 25bps reduction.
Meanwhile, the Michigan consumer sentiment improved for the first time in five months and inflation expectations slowed.
Communication services and tech were the top performing sectors.
Megacaps were mostly higher, including Microsoft (0.4%), Amazon (0.7%), Alphabet (1.3%), Meta (0.7%), Broadcom (2.7%) and Tesla (0.4%) while Apple was little changed and Nvidia lost 0.2%.
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