After the US ISM Supply Management Association released the Manufacturing Purchasing Managers Index (PMI), which was worse than market expectations, there was more economic data reflecting the further decline of the US economy
According to reports, the sales of the three Asian car manufacturers, including Toyota, Honda and Nissan, in the United States fell by double digits. Toyota’s sales in September fell 16.5% year-on-year, while Honda and Nissan’s sales in the US last month were down 14.1% and 17.6% respectively.
House prices in New York City also fell, and the median house price of the Manhattan apartment in the third quarter of this year was $999,950, the first time in four years that it fell below $1 million
In addition to the economic downturn, New York City began to levy a luxury residential tax in the second quarter, which also caused the local property market to be in a downturn. Williams, the governor of the Federal Reserve Bank of New York, said in his speech yesterday that the US economy is still strong relative to other countries, but the outlook is worrying, but the monetary policy is roughly correct, which seems to imply that interest rates can be adjusted through economic data.
As the speed of economic data seems to have accelerated, the chances of the Fed cutting interest rates at the end of this month have risen to nearly 75%
As the market does not expect the Fed to cut interest rates by three or more in the second half of the year, if the situation really occurs, it is expected that the pressure on the exchange rate index may increase, so that the US dollar index will temporarily have a greater resistance before 100, and the support level At the level of 98.3 to 98.5.