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THE dollar depreciated by 0.31% to 96.7 largely after improving risk appetite in the global markets added with weaker-than-expected October ISM Manufacturing PMI, which came in at 57.7 points (previous: 59.8 points; cons: 59 points), signalling a slowing momentum in the US economy.
THE US dollar started the week on a strong note on the back of the robust labour market, reaffirming two more rate hikes in 2018 coupled with the reignited US-China trade tension after China announced that it would approach the World Trade Organisation for permission to proceed with implementation of sanctions on the US.
THE US dollar began the week on a softer note but gained momentum following Federal Reserve (Fed) chair Jerome Powell’s optimism on the US economy and his reaffirmation on Federal Open Market Committee’s stance in gradual rate hike; at the same time dismissing concerns of trade war.