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US Dollar Holds Support After Q4 Pullback

It’s been a pullback type of start to Q4 so far for the US Dollar[10]. The currency came into the fourth quarter with strength, setting a fresh two-year-high last Tuesday[11]. But another disappointing manufacturing ISM report led into a pullback and that hastened on Thursday with a miss on the services portion of the ISM report. Friday’s Non-Farm Payrolls did little to help, as well, as a 0% read in Average Hourly Earnings highlights lagging wage growth; and at this point, buyers remain on the sidelines for the US currency as a number of themes remain in the headlines. Of issue is the October rate decision at the Fed. The bank hasn’t yet talked up another rate cut but markets are highly-expecting one, with a current probability of 78.6% for another 25 basis points of softening when the Fed meets in a few weeks.

In the US Dollar, prices are clinging to support that came into play last Thursday after the disappointing services

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