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The US Dollar Index, which tracks the value of the US dollar against a basket of major competing currencies, managed to regain additional upward traction and reclaimed the 105.50 area on Tuesday.
US Dollar Index in Focus Amidst Declining Risk Appetite and Rising US Bond Yields
Against the backdrop of decreasing risk appetite and further rebound in US bond yields, the US Dollar Index extended its gains for the second consecutive trading day, maintaining a strong uptrend in the first half of the week.
Simultaneously, investor attention is expected to be directed towards the upcoming speeches from the Federal Reserve, particularly amid the ongoing speculation about the Fed potentially commencing interest rate cuts around the summer of 2024.
Key Economic Data and Speeches Awaited in the US
In the United States, the release of September’s trade balance figures is expected, followed by the IBD/TIPP Economic Optimism Index and consumer credit changes.
Furthermore, various Federal Reserve members are scheduled to deliver speeches in the North American session, including FOMC members M. Barr (permanent voter, centrist), C. Waller (permanent voter, hawkish), New York Fed’s J. Williams (permanent voter, centrist), Dallas Fed’s L. Logan (voting member, hawkish), Minneapolis Fed’s N. Kashkari (voting member, centrist), and Chicago Fed’s A. Goolsbee (voting member, centrist).
