Dollar drifts off highs but Fed rate expectations underpin
The dollar index, which tracks the greenback against six major rivals, stood at 98.721 .DXY after rising as high as 99.119 overnight, its highest level since Feb. 1.
U.S. data released on Tuesday by the Conference Board showed the consumer confidence index dropped to98.6 in October from a downwardly revised 103.5 in September. The market was pricing in a greater than 78percent chance that the Fed would raise rates in December, according to CME Group's FedWatch program
U.S. August home prices rise 5.1 percent from year ago; consumer confidence slips in October
Consumers' perceptions of both current conditions and the six-month outlook dimmed in October, with the U.S. Conference Board's confidence index slipping to 98.6 in October, down from 103.5 in September.
Draghi defends ECB’s ultralow rates to wary Germans
European Central Bank President Mario Draghi defended the central bank’s easy-money policies in Germany’s capital on Tuesday, arguing that ultralow interest rates haven’t harmed German households and stressing that the ECB would keep its policies in place until it reaches its inflation target.
The comments will reinforce expectations that the ECB plans to boost its €1.7 trillion bond-purchase program at its next policy meeting in early December. The program is currently due to expire in March.
Oil prices fell on Wednesday, pulled down by a report of surging U.S. crude inventories, rising output in Nigeria and squabbling among producers about a planned output cut, which together re-ignited concerns over a global supply glut.
U.S. West Texas Intermediate crude oil futures CLc1 were trading at $49.34 per barrel at 0012 GMT, down 62cents, or 1.24 percent, from their last settlement.
Reference: Reuters
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