Daily Market Update

Dollar Up, Markets coping with lowering demand

November 08, 2023

The U.S. Dollar remained on an upward climb as commentary and global developments played into the appreciation of it as a safe-haven asset.


In times of chaos, the Buck remains mostly a beacon of strength as geopolitical nations spill into economic outlooks. Markets have tried to enjoy the idea of an end of the tightening cycle that has made borrowing the most expensive in decades, but conflicts and de-globalization are making decisionmakers finally concerned in the financial realm.

Federal Reserve governor Lisa Cook explained in comments about the economy that global trouble could keep inflationary pressures alive and well. The lack of a coordinated and peaceful world can make trade an even bigger headache that will only add to production costs. With more Fed commentary expected, even from Chairman Jerome Powell, it seems they all want to downplay talks of loosening monetary policies coming. With oil demand declining, particularly in China, which is causing oil prices to fade to three-month lows, all other currencies seem to be volatile to losses. We shall see to what extent.


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The Euro has not held back its fall to the Buck after negative news and talks of faltering demand for oil and other items are fomenting a pessimistic narrative. Data-wise, inflation in the form of Consumer Price Index for Germany in October did not advance nor fall, staying flat. The annual average per year stands at 3.8%, but there seem to be signs of rapid disinflation. Without a ton of figures, flows will be dictated by the reaction to several voices chiming in.


Sterling stayed on a weakening trend as currencies decline in the face of difficult times for diplomacy as well as business activity. Bank of England Governor Andrew Bailey is scheduled to speak later today and give his take on what may come next for the U.K. economy. There will be further commentary to look out for tomorrow from the BOE’s Chief Economist Huw Pill, who suggested already that the U.K. may need to pivot from hawk to dove sooner rather than later to minimize pain to consumers.


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