Daily Market Update

Overview

The tech industry, in the middle of regulatory and diplomatic battles across the two largest global economies, is catching a break when it comes to the crackdown the Chinese government has conducted in recent times.

Indeed, the world’s second-biggest economy is trying to counter its pandemic stance on everything in hopes of reviving not so much economic growth but again re-establish stability and faith. China’s good standing with other nations is being tested as Chinese travelers face COVID scrutiny as well as defiance over the country’s ties with an aggressive Russia.

It has been a dominant year for the buck, which reminded the globe just how much damage the currency can cause. Inflation battle aside, today’s housing data revealed the pain inflicted by higher borrowing costs, with U.S. Pending Home Sales down for sixth months straight as November set the second-worst performance on record at (-4.0%).

Nevertheless, the Fed’s course of action may not be a source of limitless dollar-strengthening after the greenback hit its peak in September, an overall value not seen since 2001. While the buck had its best year since 2014, it has given back about half of the gains since September.

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