Market Insights
Trading Tools
The dollar drifted lower in the Asia session on Tuesday as traders turned their focus on US inflation data and a slew of central bank meetings ahead.
The dollar opened strong on Monday, with US inflation data and the final Fed meeting of the year expected to shape the week ahead.
Gold hit a record $2,100 high, focusing on the Fed's rate cut timing. There is uncertain demand in China and India, with China's gold demand decreasing.
The dollar steadied before US job data, set for a weekly gain. The worst performance in a year occurred last month due to peak rate expectations.
On Thursday, the euro hit a 3-week low versus the dollar. Traders estimate an 85% chance of the ECB cutting rates in March.
Wednesday saw the dollar near a two-week high and the euro weaken globally amid bets that the ECB will loosen in H1 2024, following the Fed.
The US dollar rebounded to a near-one-week high. Key employment data this week may impact investor views on the interest rate trajectory.
Friday: dollar down, euro up. US spending rose moderately in October, with the smallest annual inflation increase in over 2.5 years.
The Bank of America forecasts the S&P 500 hitting 5,000 in 2024. FuBank warns of US economic weakness and predicts a 4,600–4,800 S&P 500 target for 2024.
Thursday saw the dollar near a 3-month low, poised for its largest monthly drop in a year. Investors bet the Fed won't raise rates further.
The dollar hit a more than three-month low on Wednesday. The Australian dollar pared some of its gains as inflation eased by more than expected in Oct.
Tuesday: The dollar hit a 3-month low on weak home sales; the Aussie dollar rose to a 4-month high despite a consumption dip.
Sterling hit a two-month high against a weakened dollar on Monday. Traders are wary of upcoming economic data releases later in the week.
The dollar slipped on Friday after the Thanksgiving holiday. Currency markets are likely to be muted with investor convictions in peak US rates.
