Oddbean

US dollar softer ahead of election and jobs data ========== The US dollar weakened against major currencies on Oct 30, 2024, following strong US private payrolls growth in October and a UK budget release. The dollar index fell 0.17% to 104.06 after reaching 104.63 on Oct 29. The US economy grew at an annualized rate of 2.8% in Q3, slightly below the 3% forecast. Marc Chandler from Bannockburn Global Forex noted market adjustments ahead of upcoming jobs data and the Nov 5 election. Uto Shinohara from Mesirow Currency Management indicated a 25-basis-point rate cut is priced in for the Fed's November meeting, with uncertainty for December. Speculation of a Donald Trump victory in the election has influenced market sentiment. The UK budget delivered by Rachel Reeves saw sterling fall initially but stabilize later. The euro rose 0.36% to $1.0857, while the Aussie dollar increased to $0.6577 after hitting a low of $0.6537. The ECB's Joachim Nagel stated inflation victory is near, and the US economy showed solid growth ahead of the election. #UsDollar #Election #JobsData #Economy #Inflation #UkBudget #Currency #AdpReport #FederalReserve #Trump https://www.kitco.com/news/off-the-wire/2024-10-30/us-dollar-softer-ahead-election-and-jobs-data