Marketwatch North America

Daily Insights
November 27, 2023

The dollar’s swift November decline has continued today, leading to a 0.14% drop in the U.S. dollar index which is on track to revisit its monthly low at 103.178. The DXY is -3.16% since October’s close at 106.66 which was the dollar’s highest monthly mark in a year. Support is near 102.00 and lower at 99.50.

The USD is lower against all G10 currencies, with losses ranging from -0.62% vs. NOK to -0.02% vs. CAD. The dollar’s top 10 losses against the major pairs during November: -7.24% vs. SEK, -5.94% vs. MXN, -4.81% vs. NOK, -4.29% vs. AUD, -3.91% vs. GBP, -3.59% vs. KRW, -3.57% vs. EUR, -3.44% VS. CHF, -3.30% vs. BRL, and -2.76% vs. TWD.

The U.S. Treasury yield curve has significantly flattened this month, seen primarily in the long-term tenors (5yr-30yr) which have declined nearly 50 basis-points on average. Lower yields have driven a move to ‘risk’ assets, lifting equities such as the S&P500 Index by 10.73% since the October 27th low and the Nasdaq100 Index by 12.70% over the same period.

The price of gold reached $2,018.21/oz. today, its highest since the May 16th high at $2,018.38.

Economic data releases for the week include today’s New Home Sales for October (-5.0% est.), tomorrow’s Consumer Confidence, third quarter GDP on Wednesday, and Personal Income & Spending on Thursday.

Economic Calendar

USD - New Home Sales
GBP - CBI Realized Sales
EUR - ECB President Lagarde Speaks

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 149.674 148.65
eur/usd 1.09592 1.09267
gbp/usd 1.26442 1.25897
aud/usd 0.6614 0.65668
usd/cad 1.36608 1.36181
eur/gbp 0.86895 0.86623
usd/mxn 17.1225 17.0325
Equities and Commodities
S&P 500 4549.77
NASDAQ 15948.6
DOW 35323.1
GOLD 2011.46
SILVER 24.77

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.