Marketwatch North America

Daily Insights
November 21, 2023

The dollar index is -0.20% today and reached an overnight low of 103.178, finally breaking through September’s low of 103.272. Dollar daily losses include declines against all G10 pairs and most other major currencies. The dollar’s decline accelerated after last Tuesday’s surprise CPI data which showed consumer inflation reaching a 16-month low. The dollar’s results since the CPI data:

-2.16% vs. NOK

-1.87% vs. JPY

-1.81% vs. SEK

-1.36% vs. MXN

-1.07% vs. NZD

-1.03% vs. AUD

-0.71% vs. CHF

-0.67% vs. EUR

-0.38% vs. GBP

U.S. Treasury yields have moved lower in unison with the dollar. The 10-year yield is 4.409% today after starting the month at 4.897%. Fed Funds Futures currently imply a greater than 50% probability of a series of Fed rate cuts beginning with the FOMC’s June 2024 rate policy meeting.

Gold is +1.12% at $1,999.39/oz, continuing the rally from its $1,931.55 low earlier in the month and approaching October’s $2,009.29/oz high.

Canadian CPI date released today was in line with survey estimates: +0.1% MoM (+0.1% est.), and +3.1% YoY (+3.1% est.). USD/CAD is little unchanged, -0.17% in trading today.

Economic Calendar

CAD - CPI m/m
AUD - Monetary Policy Meeting Minutes
CAD - Median CPI y/y
NZD - Credit Card Spending y/y
CAD - Trimmed CPI y/y
CAD - Common CPI y/y
CHF - Trade Balance
GBP - Public Sector Net Borrowing
CAD - Core CPI m/m
GBP - Monetary Policy Report Hearings
CAD - NHPI m/m
USD - Existing Home Sales
USD - FOMC Meeting Minutes
NZD - GDT Price Index
EUR - ECB President Lagarde Speaks
USD - Treasury Sec Yellen Speaks
AUD - MI Leading Index m/m

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 148.417 147.151
eur/usd 1.0965 1.09388
gbp/usd 1.2559 1.25044
aud/usd 0.65867 0.6557
usd/cad 1.37311 1.36948
eur/gbp 0.87518 0.87247
usd/mxn 17.133 17.0635
Equities and Commodities
S&P 500 4537.21
NASDAQ 15960.5
DOW 35110.6
GOLD 2000.02
SILVER 23.85

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.