Marketwatch North America

Daily Insights
September 25, 2023

The dollar index locked in its 10th consecutive weekly gain on Friday, closing +0.25% at 105.583 for the week and is +5.67% over since the July 14th close. The dollar’s biggest gains since mid-July: +7.94% vs. SEK, +6.59% vs. SEK, +6.51% vs. GBP, +6.45% vs. JPY, +6.44% vs. NZD, +5.81% vs. AUD, +5.12% vs. EUR, and +4.92% vs. CHF. The dollar’s narrowest gains are +1.98% vs. vs. CAD and +2.61% vs. MXN over that same period.

U.S. Treasury yields continue their trend higher. The 10-year yield has cleared the 4.25% hurdle and, at 4.52%, is now within the 4.50%-5.20% range from 2006-2007. The 30-year yield has seen the day’s widest gain, +0.101%, more than a 10 basis-point gain.

USD/MXN found strong buying interest at 17.1000 support last Friday. Next resistance for the pair is near 17.4500. The Bank of Mexico announces is Overnight Rate policy on Thursday with no change to the current 11.25% expected. The text of the policy announcement and comments from bank officials will be closely watched for signals about forward-looking rate policy.

Major equity indexes are universally lower, the brunt of losses centered in European equities. U.S. indexes are signaling a roughly 0.50% loss at today’s open.

Economic data for North America this week U.S. New Home Sales and Consumer Confidence on Tuesday; U.S. Durable Goods on Wednesday; Fed Chairman Powell Speech, weekly U.S. Jobless Claims; U.S. Annualized GDP, and Mexico’s Overnight Rate on Thursday; and Personal Income, Personal Spending, and Canada’s GDP on Friday.

Economic Calendar

JPY - BOJ Gov Ueda Speaks
EUR - German ifo Business Climate
GBP - CBI Realized Sales
EUR - ECB President Lagarde Speaks
EUR - Belgian NBB Business Climate
USD - FOMC Member Kashkari Speaks
JPY - SPPI y/y

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 148.778 148.144
eur/usd 0.94209 0.93772
gbp/usd 0.819 0.81438
aud/usd 1.55924 1.54828
usd/cad 1.34896 1.34535
usd/mxn 17.3243 17.099
Equities and Commodities
S&P 500 4307.51
NASDAQ 14655.2
DOW 33876.5
GOLD 1924.39
SILVER 23.46

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.