The US Dollar (USD) is trading higher just ahead of the US trading session, following comments from former Federal Reserve Bank of New York president William Dudley on Bloomberg television regarding the Federal Reserve's current situation. Dudley mentioned that given the current economic data, a 25 basis point rate cut is the most sensible approach, which reduces the likelihood of a significant interest-rate cut by the Fed in November.
Earlier in the day, the US Dollar gained traction during Asian trading after Japan's new prime minister, Shigeru Ishiba, stated that the economy isn’t prepared for another interest-rate hike, leading to a decline in the JPY. Additionally, the ongoing turmoil in Lebanon has prompted safe-haven inflows, further supporting the Greenback.
Looking ahead, the economic calendar is packed with events. In addition to the weekly Jobless Claims, which came in steady at 225,000, the markets are anticipating the S&P Global Services Purchasing Managers Index and the Institute for Supply Management (ISM) September figures.
