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


  • The USD Index It has fallen from over 107.80 Monday 105.50 today. 

FOMC Mins. – Confirmed That a “substantial majority” It was believed that a slowing down in the pace at which increases are occurring would be appropriate. 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 demand and supplies still out of balance. Therefore, they believed 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 The number of people who voted for a was up to a 240k The Continue Claims A new record was set in March, a level not reached since then. Whilst Durable Goods These were more than we expected. PMI data missed. Mixed news provided a lift. stocks, The weighed on Dollar Saw. 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 From 50.7.
  • GBP – Sterling rallied upon the…

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