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Hello everyone, today XM Forex will bring you "[XM Group]: The weakening of the Japanese yen and the euro pushes up the U.S. dollar index, and the Federal Reserve releases signals to support the rise." Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - During the U.S. trading session on Thursday (October 9), the U.S. dollar index rose 0.54% to 99.377, hitting the highest level since August 1. The U.S. dollar strengthened across the board. USD/JPY daily trend The yen continued to slide, hitting 153.229 against the U.S. dollar, its lowest level since mid-February. Traders attributed the yen's decline to policy concerns raised by Japan's new ruling party leader Sanae Takaichi, who has signaled fiscal expansion will be consistent with the central bank's policy stance. Although the yen briefly rebounded after Takaichi Sanae mentioned "avoiding excessive depreciation of the yen," the market still has doubts about whether the government can fulfill its economic stimulus promises, and this uncertainty puts pressure on the yen. Analysts at Corpay pointed out that the market has become increasingly skeptical of Takaichi Sanae's ability to push forward fiscal measures or prevent the Bank of Japan's tightening plan, especially in the context of high domestic inflation. Political turmoil in France weighed on the euro earlier this week after French Prime Minister Sebastien Lecornu and his cabinet resigned, after which the euro fell sharply to 1.1546, its lowest level since August 5. The ongoing political stalemate has stalled efforts to reduce the deficit budget and dampened investor confidence. The market is currently waiting for French President Macron's new appointment, which is expected to be announced within 48 hours. A weaker euro further supported the bullish momentum in the U.S. dollar index. The hawkish tone in the minutes of the Federal Reserve's September meeting provided support for the dollar. While officials agreed that rate cuts were necessary given the slowdown in labor market growth, they remained cautious on inflation, reinforcing the "wait and see" approach."Stance. New York Fed President John Williams supported further interest rate cuts and cited risks to employment, but traders have lowered their expectations for "multiple interest rate cuts." According to data from the CME Fed Watch Tool, the probability of a 25 basis point rate cut at the October meeting is 95%, but the probability of a December rate cut has dropped to 80%.
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