Dow Jones futures fall 0.11% to trade below 47,400 during European hours ahead of the opening of the United States (US) regular session on Thursday. Moreover, the S&P 500 futures and Nasdaq 100 declined by 0.14% and 0.24%, with trading around 6,820 and 25,700, respectively.
US Dollar (USD) continues to grind higher, nearing its 200-day moving average. Global stock markets are still under pressure, but the losses are more limited than yesterday, BBH FX analysts report.
When the Fed delivered a well-telegraphed 25bp cut in September, the US Dollar (USD) rallied. Back then, USD positioning was heavily short, and some hawkishly perceived comments by Powell exacerbated the correction, ING's FX analyst Francesco Pesole notes.