Marketwatch North America

Daily Insights
November 8, 2023

The dollar is higher for the third consecutive day, lifting the Dollar Index by 0.26% to trade at 105.814. Despite the three days of gains, the dollar has still not fully recovered from Friday’s 1.04% decline that was sparked by October’s Nonfarm Payrolls surprise drop.

The dollar’s upside potential looks limited by overhanging near resistance near 106.25 and higher at 107.00. Dollar bears will likely use the dollar’s rally to initiate short dollar positions at more favorable levels.

Dollar gains are led by a 0.40% advance vs. JPY, lifting the USDJPY to a 6-day high and bringing it within striking distance of a new multi-year high. The dollar is +0.34% vs. EUR, +0.33% vs. GBP, +0.25% vs. NZD, and several sub-0.25% gains vs. the remaining G10 currencies.

U.S. Treasury yields are fractionally higher in the mid-curve tenors. Fed Chairman Powell is scheduled to speak at 9:15am ET and traders are hedging against the possibility of Powell pushing back hopes of mid-2024 rate cuts.

Oil is lower by 0.78% today and is now -15.39% since the October 20 high at $90.78/barrel.

The average 30-year fixed mortgage rate has dropped to 7.61%, its lowest level since late September after peaking at 8.09% on October 25th.

Economic Calendar

USD - FOMC Member Cook Speaks
NZD - Inflation Expectations q/q
CAD - Building Permits m/m
JPY - Leading Indicators
USD - Fed Chair Powell Speaks
EUR - German Final CPI m/m
CAD - BOC Summary of Deliberations
EUR - French Trade Balance
USD - FOMC Member Williams Speaks
EUR - Italian Retail Sales m/m
USD - FOMC Member Barr Speaks
EUR - Eurogroup Meetings
USD - FOMC Member Jefferson Speaks
GBP - BOE Gov Bailey Speaks
EUR - Retail Sales m/m
EUR - German 10-y Bond Auction
USD - Final Wholesale Inventories m/m
USD - 10-y Bond Auction
JPY - Bank Lending y/y
JPY - BOJ Summary of Opinions
JPY - Current Account

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 150.985 150.351
eur/usd 1.06991 1.06593
gbp/usd 1.22959 1.22418
aud/usd 0.64495 0.642
usd/cad 1.37992 1.37543
eur/gbp 0.87107 0.86959
usd/mxn 17.5766 17.4741
Equities and Commodities
S&P 500 4388.71
NASDAQ 15322
DOW 34212.1
GOLD 1965.11
SILVER 22.75

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.