Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
The U.S. dollar remained steady on Thursday, consolidating overnight gains as traders assessed the likelihood of a measured Federal Reserve easing cycle. Recent comments from policymakers, including Chair Jerome Powell, signaled caution, with future moves depending heavily on incoming inflation and labor data.
Markets currently price in about 43 basis points of rate cuts across the Fed’s two remaining meetings this year. However, traders are no longer fully expecting a cut next month. Since the Fed’s widely anticipated rate reduction last week, the dollar has edged higher, supported by lingering uncertainty about the timing of further easing.
In currency markets, the euro was last at $1.17425, steady after a 0.6% drop in the prior session, while sterling hovered at $1.3451 following a similar decline. The dollar index stood at 97.813, close to a three-week high and on track for monthly gains.
San Francisco Fed President Mary Daly echoed the cautious stance, suggesting more cuts may be necessary but stressing the timing remains unclear. “Will they come right now, this year or going forward? It’s hard to say,” she noted, underscoring the Fed’s data-dependent approach.
Attention now turns to key U.S. economic reports, including Thursday’s final second-quarter GDP estimate and Friday’s Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation gauge. Investors remain watchful of tariff impacts, which so far have not been fully reflected in economic data. Strategists like Nuveen’s Laura Cooper warn that tariff-led price pressures could keep inflation elevated near 3.2% later this year, complicating the Fed’s path.
In Asia, the yen firmed slightly to 148.62 per dollar after Bank of Japan minutes revealed some policymakers backing future rate hikes. Markets are split on the chance of a hike at the BOJ’s October 29–30 meeting. Meanwhile, the New Zealand dollar rose 0.1% to $0.5813, and the Australian dollar held at $0.65905.
