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Market Update – November 24 – FOMC Mins. & Data conspire to sink USD


  • The USD Index The collapse of over 107.80 Monday 105.50 today. 

FOMC Mins. – Confirmed That a “substantial majority” They believed that there would soon be a slower pace in increases. This confirms the price of what was already priced in. A 50 bp rise is fully priced in for December. “significant uncertainty” Information about the maximum funds rate. “Various participants” Bullard, Mester and others noted that there are no signs of inflation falling and that demand and supply remain in balance. This led them to believe the ultimate rate of the funds interest would have to be. “somewhat higher” More than was previously possible. Powell Apparently, he confirmed this during the press conference.

Earlier Weekly Claims Jumped to a 240k And the Continue Claims Hit a new high, not seen since March. While Durable Goods They were more powerful than anticipated. PMI data missed. Mixed news provided a lift. stocks, Weighed on the Dollar Saw. Get the best yields Also, drop. US10-year closed at 3.69%, With the 2/10 yr Inversion -79 bps.

  • EUR – rallied to over 1.0400 an 8-day high at 1.0448 earlier.  
  • JPY – eased all the way down to 138.50 Zone from over 141.60 yesterday. JPY PMI Attempted to miss and was reintroduced into contraction 49.4 Starting at 50.7.
  • GBP – Sterling rallied around the…

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