Dollar Rises Against Major Counterparts
2024-10-18
1402
(fxcue news) - The U.S. traded firm against its major counterparts on Monday after recent pools indicated a victory for former President Donald Trump in the upcoming Presidential election.
According to recent polls, Trump was leading Vice President and Democratic candidate Kamala Harris in some key battleground states.
The also found some support on bets the Federal Reserve will not be aggressive with regard to rate cuts. Dallas Fed President Logan said that she supported gradual rate cuts to help manage the risks and accomplish the goals.
The Conference Board released a report today showing its reading on leading U.S. economic indicators fell by more than expected in the month of September.
The report said the leading economic index slid by 0.5% in September after falling by a revised 0.3% in August.
Economists had expected the leading economic index to decrease by 0.3% compared to the 0.2% dip originally reported for the previous month.
Investors are looking ahead to flat PMI reading on activities in U.S. manufacturing and the services sectors, a slew of speeches from Fed officials this week.
The dollar index climbed to 104.02 gaining about 0.5%.
Against the Euro, the dollar firmed to 1.0818 from 1.0869. Against Pound Sterling, the dollar strengthened to 1.2985 from 1.3051.
The Japanese currency Yen weakened to 150.78 against the dollar. The Aussie eased to US$0.6659 a unit, from US$0.6659.
The dollar firmed against Swiss franc, fetching CHF 0.8660 a unit, and strengthened the Loonie as well, trading at C$ 1.3833 a unit.
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