Daily Market Update

Muted FX as week mostly wraps up

November 09, 2023

The U.S. Dollar has not been moving much overnight and finds itself mostly flat to start the morning.


Overall, the week has been a reprieve after major action the one prior that set a tone of a mostly cautious end to the tightening cycle. While some statements here and there about inflation have tried moving the needle some, it is today that perhaps some voices of ultimate authority might make some impact. Fed Chair Jerome Powell is scheduled to speak on a panel of policy changes in Washington D.C. at 2PM.

In terms of data, things have been dry and predictable as Jobless Claims were earlier when released, coming in as forecast 217K. Tomorrow we get a glimpse at confidence through the University of Michigan Consumer Sentiment Survey. While some offices may be closed in observance of a holiday tomorrow, MonexUSA locations will be open for business.


What to Watch Today…

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The Euro has stayed in familiar range as markets have been moving quietly. Oil prices have calmed down in their steep decline from earlier this week as it is used as a gauge of how the world economic demand may be shifting as the year closes. Discord, dealignment as well as de-globalization are causing major shifts in thought and is affecting the foreseeability of outlooks. With conflicts and diplomacy in havoc, expect the unexpected and adjust as needed.


Banxico, the central bank of Mexico, will be announcing its policy-meeting decision later today at 2PM. While it is expected for officials to echo sentiment from the Fed and remain cautious, today they will need to address questions about steeper disinflation. Mexico’s October Consumer Price Index marked the lowest levels in 32 months, so questions will be asked about this development increasing the odds for cutting into interest rates in 2024. While there is economic growth, we feel there are low chances for them to pivot towards that type of dovishness, but MXN will remain volatile and wild.


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