The Dollar took another step up earlier in the week, pushing the DXY back over 106. Once again the Euro was among the worst hit, closing Monday just under $1.05. The common currency is contending with the double threat of political instability within its borders as well as potential tariff hikes imposed by the incoming Trump presidency. The Japanese Yen continued to prove itself immune to such pressures, USDJPY refusing to move above 150. Strength in the Dollar appeared to suck the life out of gold over the past few days, leaving the precious metal unable to muster any kind of move.
It is a good day for central bank aficionados. Later today, Andrew Bailey of the Bank of England, Christine Lagarde of the ECB and Fed Chair Jerome Powell are all set to speak at various events. Yesterday, a number of Federal Reserve members vaguely hinted that interest rates on the Dollar would continue to fall and that the central bank would adopt a more neutral stance. Far from concrete, but enough to move the FedWatch odds up to 70% for a quarter percent cut during the next meeting.
Some interesting data came out of the latest JOLTS figures published on Tuesday. US job openings increased beyond expectations but perhaps more importantly, the quits rate increased from 1.9% to 2.1%, the first increase observed since May 2023. The data point indicates a sign of confidence among workers. The logic being that people are more willing to quit their jobs because they are now more confident of being able to secure a new one. The data helped push the S&P 500 and Nasdaq Composite to new record highs.
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