Dollar choppy but little changed as Mideast, US midterms weighed
SPY•The dollar index edged up 0.07% to 101.83 as traders weighed uncertainty over a possible US-Iran deal and US midterm elections; US job openings rose by 333,000 to 7.523 million.
1. Dollar fluctuates
The dollar moved between modest gains and losses as investors assessed uncertainty over a possible US-Iran deal and the outcome of US midterm elections. Oil prices were volatile amid conflicting signals about talks to end the war in Iran.
2. US data supports dollar
The dollar index edged up 0.07% to 101.83 after US job openings rose by 333,000 to 7.523 million, above economists’ 7.100 million estimate. US factory orders rose 1.8% in September, topping the 1.2% forecast.
3. Other currencies weaken
The offshore yuan fell 0.35% against the dollar after China’s central bank raised foreign-currency reserve requirements for financial institutions. The Australian dollar dropped 0.4% after the Reserve Bank of Australia raised its cash rate by 25 basis points to 4.85%, as expected.
