Marketwatch North America

Daily Insights
November 1, 2023

The U.S. Dollar Index is modestly higher today, +0.15% and trading at 106.828, near the high end of the range over the last 6 weeks. A daily close above 107.50 will confirm the dollar’s continued momentum and bring 109.00 into view as the next target level for dollar bulls.

The dollar’s performance against the G10 is an even mix of gains and losses in overnight trading: +0.25% vs. EUR, +0.16% vs. GBP, -0.44% vs. AUD, -0.36% vs. JPY, -0.34% vs. CHF, and -0.19% vs. NZD.

USD/JPY closed October at 151.67, a fresh multi-year high and tantalizingly close to the 2022 October high of 151.94. Speculation of intervention on the yen’s behalf by the Bank of Japan was heightened by Japan’s Kanda who stated that the BoJ was on standby to intervene if needed.

The key feature on today’s economic calendar is the FOMC’s rate decision announcement, scheduled for 2pm ET. No change is expected to the current 5.50% target, so the focus will be on the Fed’s interpretation of recent economic data points and its take on emerging global economic crosscurrents such as the conflict in the Middle East.

Global equity indexes traded in tight overnight ranges, a typical holding pattern ahead of Fed rate policy decisions. U.S. Treasury prices are higher in most tenors, pressuring yields, especially at the far end of the yield curve: 20-year -0.085% and 25-year -0.082%.

Economic Calendar

:
USD - ADP Non-Farm Employment Change
:
NZD - RBNZ Gov Orr Speaks
:
USD - ISM Manufacturing PMI
:
USD - JOLTS Job Openings
:
AUD - Building Approvals m/m
:
JPY - Final Manufacturing PMI
:
USD - ISM Manufacturing Prices
:
CNY - Caixin Manufacturing PMI
:
USD - Federal Funds Rate
:
AUD - Commodity Prices y/y
:
USD - FOMC Statement
:
GBP - Nationwide HPI m/m
:
USD - FOMC Press Conference
:
EUR - French Bank Holiday
:
CAD - BOC Gov Macklem Speaks
:
EUR - Italian Bank Holiday
:
CHF - Manufacturing PMI
:
GBP - Final Manufacturing PMI
:
CHF - SNB Chairman Jordan Speaks
:
CAD - Manufacturing PMI
:
USD - Final Manufacturing PMI
:
USD - Construction Spending m/m
:
USD - Wards Total Vehicle Sales
:
USD - Crude Oil Inventories
:
JPY - Monetary Base y/y

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 151.444 151.084
eur/usd 1.05808 1.05333
gbp/usd 1.2161 1.21151
aud/usd 0.6368 0.63181
usd/cad 1.38917 1.38632
eur/gbp 0.87123 0.86848
usd/mxn 18.0789 17.9302
Equities and Commodities
S&P 500 4200.28
NASDAQ 14435.2
DOW 33043.1
GOLD 1984.47
SILVER 22.7

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.