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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.