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The dollar index (DXY) rose by 0.30% to a four-session high, attributed to a weakening yen and expectations of expansionary fiscal policy under new Japanese Prime Minister Takaichi. As of today, October 28, 2023, the yen has fallen to a one-week low against the dollar.
The October Philadelphia Fed non-manufacturing business activity survey declined to -22.2, a four-month low, highlighting economic concerns amid a government shutdown. The markets anticipate a 99% probability of a 25 basis point rate cut at the upcoming Federal Open Market Committee (FOMC) meeting.
In the foreign exchange markets, the euro (EUR/USD) decreased 0.26% due to the dollar’s strength, influenced also by a downgrade of France’s credit rating, while USD/JPY increased 0.60%. Japan’s September machine tool orders saw a revision to +11.0% year-over-year, the highest increase in six months.
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