Dollar's Winning Streak Wobbles Amid Economic Shifts
The dollar slipped for a second session despite positive economic data suggesting ongoing interest rate moderation by the Federal Reserve. Non-defense capital goods orders rose, and consumer sentiment improved slightly. The market is anticipating an expected Fed rate cut, with ongoing speculation about U.S. and global economic prospects.
The U.S. dollar dropped for the second consecutive session as its recent momentum began to fade. Despite this, the greenback is on course for a fourth consecutive week of gains. Economic indicators continue to keep Federal Reserve interest rate expectations in check.
The Commerce Department reported a 0.5% increase in non-defense capital goods orders excluding aircraft, suggesting robust business spending plans. Meanwhile, consumer sentiment improved to 70.5 in October, and inflation outlooks are stable, according to the University of Michigan.
Global market watchers are now focusing on the upcoming government payrolls report as markets have priced in a possible rate cut. However, uncertainties surrounding future U.S. economic policies and international dynamics continue to influence market directions.
(With inputs from agencies.)
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