Amid a month filled with substantial macroeconomic data, the Federal Reserve’s dovish statements contributed to further decreases in the dollar index
The Fed kept the policy rate unchanged, announcing the interest rate at 5.5%. Fed Chair Powell’s dovish comments after the decision led to increased selling pressure on the dollar worldwide. In the U.S., key macroeconomic data fell short of expectations, pushing the dollar index to seek balance just above the crucial 103 level. The nonfarm employment numbers were reported at 150K, below both expectations and the prior figure. Unemployment rose to 3.9%, and average hourly earnings were higher than expected at 4.1%, but still below the previous figure. The ISM Manufacturing PMI came in at 46.7, missing expectations, while the JOLTS report exceeded both prior figures and forecasts, indicating positive trends. The Service PMI showed an increase to 50.6, not meeting expectations but improving from the previous level. U.S. inflation data, a key focus in global markets, continued its downward trajectory at 3.2% annually. The Producer Price Index (PPI) also trended downward monthly at -0.5%. Retail sales figures were slightly disappointing at -0.1% monthly, yet better than expected. The Non-Manufacturing ISM PMI was reported at 51.8, above the critical 50 mark but below both expectations and the previous figure.
In the UK and Eurozone, monitored data significantly influenced currency pair trends.
Germany’s CPI matched expectations at 3.8% but showed a downward trend from the previous level. Germany’s GDP for the 3rd quarter was under expectations at -0.4% annually. The Eurozone’s economic growth for the same period was in line with forecasts at 0.1% annually. Eurozone industrial production contracted by 1.1% monthly. The region’s inflation rate was at 2.9% annually, aligning with expectations. The Euro-USD pair, benefiting from the dollar’s global decline, stabilized just below the critical 1.10 mark. The Bank of England held its policy rate steady at 5.25%. The UK’s GDP in the 3rd quarter exceeded expectations with a 0.6% annual expansion. UK inflation was reported lower than expected at 4.6% annually. The unemployment rate remained stable at 4.2%, below forecasts. Industrial and manufacturing production figures in the UK showed minimal monthly changes at 0.0% and 0.1%, respectively. The GBP-USD pair retained its positive trajectory throughout the month, slowing down but remaining below the key 1.27 resistance level.
In Asia, Japan’s economy expanded, while data from China drew attention.
China’s inflation continued to fall, reported at -0.2% annually, below both expectations and the previous figure. The Caixin Manufacturing PMI was below forecasts at 49.5. China’s industrial production rose above expectations at 4.6%. The unemployment rate remained steady at 5.0%. The People’s Bank of China (PBOC) maintained its minimum loan interest rate at 3.45%. Japan’s industrial production expanded by 0.5%. The Japanese economy contracted by 0.5% quarterly in the 3rd quarter but saw a significant annual increase of 5.1%. The Reserve Bank of Australia raised its interest rate by 25 basis points to 4.35%, as expected.
In Türkiye, the stock market witnessed volatility, while the Central Bank continued raising interest rates.
The annual CPI was reported at 61.36%, slightly lower than the previous level but above expectations. Industrial production expanded by 4% annually. The unemployment rate improved to 9.1% monthly, a positive sign for the economy. Retail sales data, though negative at -0.7%, improved from the previous figure. Consumer confidence declined to 75.5, but the rise in reserves was viewed positively on a macro scale. The Central Bank hiked interest rates by 500 basis points, setting the policy rate at 40%. The Borsa Istanbul saw a partial recovery with short-term buyers stepping in at the 7200 support level, and efforts to maintain above the crucial 7800 level suggested a potential upward trend.
Bu haberin/makalenin tamamı ya da bir kısmı kaynak gösterilmeden yayımlanamaz. Kaynak gösterilse dahi aktif link verilerek kullanılabilir. Kaynak göstermeden ve aktif link vermeden yayımlayanlar hakkında yasal işlem başlatılır.
