US Dollar Stable After Fed Decision
Date
11/8/2024 2:49:49 PM
(MENAFN- Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas releases market commentary from Fadi Al Kurdi founder CEO FFA Kings.
The U.S. dollar remained stable following a pullback in the prior session. The currency pared nearly half of the gains spurred by Donald Trump's election victory earlier this week. Market participants are assessing the latest 25 basis point rate cut by the federal Reserve. Fed Chair Powell emphasized a data-dependent approach, stressing that the Fed's commitment is to maintaining a stance that is independent of Political influences, including Trump's re-election.
Looking ahead, market focus will shift to the Michigan Consumer Sentiment data, which may provide insights into consumer confidence. Elevated consumer confidence could amplify inflationary concerns, potentially prompting more hawkish expectations for the Fed, lending support to the greenback. Meanwhile, Trump's proposed trade policies are seen as adding to inflationary pressures, leading investors to temper their expectations for rate cuts in 2025.
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