As of today, the dollar index (DXY) is down 0.17%, influenced by weaker-than-expected inflation readings, with August’s core PCE price index rising by 0.2% month-over-month and 3.0% year-over-year. Consequently, the likelihood of a Federal Reserve rate hike in October has dropped to 35% from 52% earlier this week.
Key economic indicators include a stronger-than-expected September ADP employment change, which rose by 90,000 jobs compared to an anticipated 75,000. Additionally, the August personal spending increased by 0.9%, marking the largest rise in five months. However, the Q2 GDP was revised upward to 2.2%, surpassing forecasts of no change at 1.5%.
In related news, the European dollar also gained, with the EUR/USD rising 0.19%. German economic data showed a September CPI increase of 0.6% month-over-month and 3.3% year-over-year, both surpassing expectations. Meanwhile, Japan’s currency weakened slightly, with the USD/JPY down 0.27%, amidst weak domestic economic signals including a 1.7% decline in August industrial production.
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