US Dollar trades flat this Friday ahead of Durable Goods data

October 25, 2024

LONDON (October 25) The US Dollar (USD) consolidates on Friday after a small retreat a day earlier, but looks set to post a fourth consecutive week of gains ahead of the release of the US Durable Goods data. In what otherwise was a steep rally this week, Thursday was a bit of a profit-taking day for King Dollar. Uncertainty surrounding the US presidential election re-emerges after taking a step back on Thursday, with polls highlighting a very tight presidential race. 

The US economic calendar is facing two main events this Friday. The first will be the US Durable Goods Orders release for September. The second, and to close off the week,, the University of Michigan will release its final reading for October’s Consumer Sentiment data. 

Daily digest market movers: Where to go before the weekend

  • This Friday’s data calendar kicks off at 12:30 GMT with the Durable Goods release for September:
    • Durable Goods Orders are expected to contract by 1% after remaining broadlu unchanged a month earlier.
    • Durable Goods without Transportation should contract by 0.1% against the increase of 0.5% previously.
    •  Any revisions from the previous month might be more market-moving than the fresh number. 
  • Closing off this Friday at 14:00 GMT, The University of Michigan will release its final reading for October. Consumer Sentiment is expected to tick up marginally to 69.0 from the preliminary reading of 68.9. The 5-year inflation expectations are expected to remain unchanged at 3%.
  • At 15:00 GMT, Federal Reserve Bank of Boston President Susan Collins participates in a conversation about the Fed’s efforts to create an economy that works for everyone at the Mass Black Expo in Boston.
  • Equities are opening a touch softer this Friday, with European indices under pressure from disappointing earnings. US Futures are still looking for direction.  
  • The CME FedWatch Tool is backing a 25 basis point (bps) rate cut with a 97% probability against a 3% chance of no rate cut for the upcoming Fed meeting on November 7.  
  • The US 10-year benchmark rate trades at 4.18%, down from the high of 4.24% seen Wednesday. 

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