Dollar Falls as US Government Remains Shutdown

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the dollar.  The dollar extended its losses Friday after the Sep ISM services index fell more than expected to a 4-month low.  The dollar recovered from its worst level on Friday due to hawkish comments from Chicago Fed President Austan Goolsbee and Dallas Fed President Lorie Logan, who cautioned against additional rate cuts from the Fed.The US Sep S&P composite PMI was revised upward by +0.3 to 53.9 from the previously reported 53.6.Save This Critical Stock Watchlist as the Trump Admin Invests in Rare Earth MetalsIs Gold Due for a Correction?Dollar Pressured by US Government Shutdown and Weak Services NewsStop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now!The US Sep ISM services index fell -2.0 to a 4-month low of 50.0, weaker than expectations of 51.7. The Sep ISM services price paid sub-index unexpectedly rose +0.2 to 69.4, higher than expectations of a decline to 68.0.Chicago Fed President Austan Goolsbee cautioned against the Fed front-loading too many interest rate cuts, saying, "The uptick of inflation that we've been seeing, coupled with the jobs, payroll numbers deteriorating, has put the Fed in a bit of a sticky spot where you're getting deterioration of both sides of the mandate at the same time."Dallas Fed President Lorie Logan said the Fed "needs to be cautious about further rate cuts from here," as inflation is further away from the Fed's target than the maximum employment goal.The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.EUR/USD (^EURUSD) on Friday rose by +0.22%.  Friday's weaker dollar was supportive of the euro.  Also, hawkish comments on Friday from ECB Governing Council member Wunsch gave the euro a boost when he stated that the ECB's current policy settings are appropriate for keeping inflation in check.  Gains in the euro were limited after Eurozone Sep producer prices contracted more than expected, a dovish factor for ECB policy.The euro also has support from central bank divergence, as the markets view the ECB as largely finished with its rate-cut cycle, while the Fed is expected to cut rates by roughly two more times by the end of this year.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,715.79 +0.44 (+0.01%)Dow 3046,758.28 +238.56 (+0.51%)Nasdaq22,780.51 -63.54 (-0.28%)Russell 20002,476.18 +17.69 (+0.72%)VIX16.65 +0.02 (+0.12%)Gold3,908.90 +40.80 (+1.05%)PortfolioSign in to access your portfolioSign inTop gainersMFH Mercurity Fintech Holding Inc. 29.41 +7.80 (+36.09%)LAC Lithium Americas Corp. 9.04 +2.18 (+31.78%)QUBT Quantum Computing Inc. 24.62 +4.64 (+23.22%)RUM Rumble Inc. 8.56 +1.17 (+15.83%)USAR USA Rare Earth, Inc. 25.96 +3.25 (+14.31%)Top losersHIMS Hims & Hers Health, Inc. 52.54 -5.33 (-9.21%)RBLX Roblox Corporation 122.69 -10.81 (-8.10%)MENS Jyong Biotech Ltd. 48.00 -4.00 (-7.69%)PLTR Palantir Technologies Inc. 173.07 -13.98 (-7.47%)LVS Las Vegas Sands Corp. 50.97 -4.08 (-7.41%)Most activePLUG Plug Power Inc. 3.8100 +0.9800 (+34.63%)OPEN Opendoor Technologies Inc. 8.11 +0.10 (+1.25%)LAC Lithium Americas Corp. 9.04 +2.18 (+31.78%)SNAP Snap Inc. 8.54 +0.32 (+3.89%)RGTI Rigetti Computing, Inc. 40.06 +4.66 (+13.16%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 122,408.98 +309.83 (+0.25%)XRP-USD XRP USD 2.96 -0.07 (-2.22%)ETH-USD Ethereum USD 4,483.70 -5.54 (-0.12%)PFF iShares Preferred and Income Securities ETF 31.76 +0.03 (+0.09%)SOL-USD Solana USD 227.73 -2.73 (-1.18%)Top economic events