The US Dollar Weakens: Financial World Awaits BoC Rate Decision
London: 25 October 2023 (TraderMade): The US Dollar (USD) found it challenging to maintain the impressive gains seen on Tuesday as it navigated through early Wednesday trading, with the USD Index showing a slight sideways movement just above the 106.00 mark.
The highlight is the Bank of Canada (BoC) monetary policy announcement,with Governor Tiff Macklem scheduled to hold a press conference on the policy outlook.
The positive note for the USD came from the upbeat S&P Global Manufacturing and Services PMI for October, contributing to a boost in the American session. However, as Wednesday dawned in Europe, US stock index futures showed mixed trading patterns.
USD current status against significant currencies
AUDUSD
The Australian Bureau of Statistics reported an increase in inflation in Australia, measured by the change in the Consumer Price Index (CPI). The third quarter showed a quarterly rise of 1.2%, with an even more substantial annual increase of 5.4% in the CPI.
Both of these figures exceeded market expectations, leading to a surge in bullish momentum for AUD/USD. The pair closed at 0.63571 yesterday after reaching 0.63792. At around 08:37 AM GMT, the AUDUSD was at 0.63599.
USDCAD
The USDCAD pair closed at 1.3741 after reaching 1.37548 yesterday. Currently, it is at 1.37561.
EURUSD
The EURUSD pair closed yesterday at 1.05925 after reaching a high of 1.06944. Currently, it is at 1.05899.
GBPUSD
The pair closed yesterday at 1.21616 after surging up to 1.22888. Today, it is at 1.21408.
