beats lower around 104.60, continuing to extend losses despite the positive performance of United States Treasury yields. The yield on the 10-year US Treasury bond improved to 4.29%, up by 0.52% at the time of writing.
The Greenback is anticipated to remain strong, reinforced by positive economic data coming from the US.
Investors have been factoring in the expectation of a 25 basis point interest rate hike by the Fed in either the November or December meetings. Additionally, the Fed is expected to maintain higher interest rates for an extended duration. This hawkish stance from the central bank could potentially limit the upside potential for theThe Fed Governor Christopher Waller has mentioned that the Fed has some leeway to increase interest rates, but these decisions will be driven by economic data.
The Euro was possibly undermined after China published weaker-than-expected Consumer Price Index for August on Saturday. The CPI report showed a rise of 0.1% on an annual basis, falling short of market expectations of a 0.2% reading. However, the consumer prices improved from the previous month's figure of -0.3%.
Traders are expected to gain a deeper insight into China's economic conditions by observing the obstacles that authorities are grappling with. The market expects further monetary and fiscal measures aimed at achieving Beijing's objective of attaining 5% GDP growth for the current year.
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Source: FXStreetNews - 🏆 14. / 72 Read more »