Forex Today: US Dollar struggles to extend recovery on last trading day of week – by eren_fxstreet Currencies Majors Macroeconomics Commodities CryptoCurrencies
The US Dollar took advantage of the risk-averse market atmosphere on Thursday andended up closing the day modestly higher. With the benchmark 10-year US Treasury bond yield edging lower and the market mood improving early Friday, the USD is having a difficult time preserving its strength. European Central Bank President Christine Lagarde is scheduled to deliver a speech at 1130 GMT. Later in the day, October Existing Home Sales data will be featured in the US economic docket.
Meanwhile, St. Louis Federal Reserve President James Bullard said that the monetary policy was not yet sufficiently restrictive to reduce inflation. Commenting on the rate outlook, Minneapolis Federal Reserve Bank President Neel Kashkari noted that it was unclear how high the Fed will need to raise the policy rate to bring inflation down by restraining demand through higher borrowing costs.
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