DXY pulls back under 100 mark; Fed officials speech eyed

The dollar index pulled back under 100 mark on Thursday in Asia but continues to hold around a five month high. Improving risk appetite amid upbeat US data is adding pressure on the greenback. Data yesterday showed private-sector job creation rebounded in October. Private sector employment in the US climbed by 42K in October, compared to the 29K decrease (revised from -32K) recorded in the previous month, the Automatic Data Processing (ADP) showed on Wednesday. This figure came in better than the estimations of 25K. Meanwhile prolonged US government shutdown, over a month, is also undermining the American currency. Also, Fed Governor Stephen Miran suggested that another rate cut could be appropriate in December, adding, "Policy is too restrictive," and that continuing to run a policy that restrictive is to also run unnecessary risks. This too weighed on DXY, dragging the index under 100 mark and to be trading at the moment at 99.88, down 0.18% on the day. Several Fed officials are due to speak later in the global day that could influence direction for the currency.

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