- 10-year US Treasury bond yield is posting small losses on Thursday.
- Wall Street’s main indexes look to star the day in the positive territory.
- US Dollar Index stays in consolidation phase near mid-97s.
For the fifth straight trading day, the USD/JPY pair is fluctuating in a tight range above the 108.50 mark and is struggling to set its next short-term direction. As of writing, the pair was virtually unchanged on a daily basis at 108.65.
Reflecting the neutral market sentiment, the 10-year US Treasury bond yield is posting small losses on the day while the S&P 500 Futures is adding 0.2% on the day to suggest that Wall Street’s main indexes are likely to start the day slightly higher.
USD stays calm ahead of key data
On the other hand, the US Dollar Index, which struggled to make a decisive move in either direction on Wednesday, continues to move sideways near 97.50 ahead of the day’s key macroeconomic data releases.
Durable goods orders from the United States and the IHS Markit’s preliminary Manufacturing and Services Purchasing Managers’ Index (PMI) reports for October will be watched closely by the market participants on Thursday. If the Manufacturing PMI reading reaffirms the slowdown in the sector’s economic activity, the Greenback could come under fresh bearish pressure with investors pricing one more 25 basis points rate cut next week at the Federal Open Market Committee (FOMC) meeting.
Technical levels to watch for
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