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Dollar Slide Extends as Rate Hike Pricing Fades

FOREX
  • The dollar slide extended Tuesday, putting the USD Index lower for the fifth consecutive session as rate hike expectations in the US faded. The moves follow further signs of weakness in the domestic labour market, as JOLTS data showed characteristics of a looser jobs market - supporting theories that the Fed could be approaching a pivot point.
  • The main beneficiary of dollar weakness was the single currency, putting EUR/USD on course to erase the entirety of the late-September downtick. The real test for the pair will be the 1.0020 50-dma which, if pace is maintained, will be tested in the coming sessions.
  • AUD remained among the poorest performers for the day, following the smaller-than-expected RBA rate hike overnight. EUR/AUD printed multi-month highs at 1.5359, narrowing the gap with key resistance at the early July highs of 1.5398.
  • Focus Wednesday turns to the final services and composite PMI data from across Europe and North America.
  • The US ISM Services index is also on the docket, with markets watching carefully for any repeat performance of Monday's manufacturing number, which belied particular weakness in the employment sub-component. ADP Employment Change data is also on the docket.
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