Daily Report

Date of Report: October 02, 2023

Summary of yesterday's market movement

The U.S. dollar index strengthened as investors considered the possibility of a robust U.S. economy with high interest rates. Gold prices declined sharply due to the strength of the U.S. dollar and rising U.S. Treasury yields. International crude oil prices decreased, influenced by macroeconomic uncertainty and profit-taking by investors. Stock indexes closed with the SP500 down 0.27% and NASDAQ up 0.14%, reflecting the U.S. economy's resilience supported by positive initial jobless claims and GDP data.

Economic News & Data

Today, we will focus on the U.S. ISM Manufacturing Index. This data will show the level

of a diffusion index based on surveyed purchasing managers in the manufacturing industry.

As the U.S. economy shows signs of improvement, the manufacturing purchasing managers' index gradually rising and exceeding expectations, this development is contributing to a boost in the U.S. dollar index.

Trading Opportunities

Today Key Points

The Currency Strength Index has shown the dollar's strength has begun to strengthen.

The market expects the Fed will pause interest rate hikes soon.

• Gold and stock indexes will rebound in a short period of time.

At present, the U.S. economic system is gradually recovering, which makes all members of the Federal Reserve think that it will not enter the stage of cutting interest rates in 2023, resulting in a substantial boost to the 10-year U.S. bond yield, which indirectly supports the U.S. dollar index.

Today we can focus on USD currency pairing (#USD/JPY# , #USD/CAD# , #USD/CHF# )

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