0842 GMT - The dollar weakens, largely in response to overseas events, says ING's Chris Turner in a note. Wednesday's eurozone growth and German inflation for October were above expectations. This lifted the euro versus the dollar as markets scaled back expectations for a 50 basis-point rate cut by the European Central Bank in December. The dollar also falls versus the Japanese yen after Bank of Japan governor Kazuo Ueda said interest rates could rise if the economy and inflation develop in line with the central bank's projections. This reverses the recent trend of the dollar strengthening due to prospects of Republican candidate Donald Trump winning next week's elections. The DXY dollar index falls to 103.937, its lowest in more than a week. (emese.bartha@wsj.com)
(END) Dow Jones Newswires
October 31, 2024 04:42 ET (08:42 GMT)
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