The dollar is weaker

dollar is weaker.

The US dollar index is down by 0.2% at 98.56 as of 7:34 a.m. ET.

“The US dollar’s upside momentum reversed in North America yesterday and has been sold in Asia and Europe,” wrote Marc Chandler, the global head of currency strategy at Brown Brothers Harriman.

“This seems like mostly position adjustments ahead of next week’s FOMC, BOE, and RBA meetings in an otherwise subdued news period,” he added.

Separately, Markit US Services PMI and new home sales will cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively.

As for the rest of the world, here’s the scoreboard as of 7:44 a.m. ET:

  • The euro is up by 0.3% at 1.0916 against the dollar. Earlier, the Gfk German Consumer Climate index, which measures the level of consumer confidence, came in at 9.7, below expectations of 10.0.
  • The British pound is up by 0.2% at 1.2210 against the dollar. For what it’s worth, Goldman Sachs analysts Robin Brooks, Silvia Ardagna, and Michael Cahill argue that sterling is actually still overvalued by around 10% — even though it has dropped by over 17% in the four months since the Brexit vote.
  • The Russian ruble is little changed at 62.2744 per dollar, while Brent crude oil, the international benchmark, is down by 1.7% at $49.94 per barrel.
  • The Australian dollar is up by 0.4% at .7675 per dollar after CPI data came in stronger than expected, rising by 0.7% in the third quarter, above expectations of 0.5%.

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