The U.S. Dollar is down marginally against its major trading peers this morning
Overview
Data released this week was largely dovish, with Consumer Confidence coming in under expectations and private payrolls showed a weekly decline of 13.5k throughout October. Monthly inflation came in at +0.3%, as expected. These headlines have seen traders become increasingly confident regarding the prospect of a rate cut in December, with the probability of a 25 bps cut reaching 81.0%, marking the highest probability since Powell spoke following October’s meeting.
What to Watch This Week…
- Holiday Hours: Weds (11/26), 8:30a-5p EST; Thurs (11/27), Closed; Fri (11/28) 8:30a-3p EST
- Monex USA Online is always open
GBP ⇑
The British Pound Sterling jumped more than a quarter of a percent following the release of the UK Autumn Budget early this morning. While the Budget is largely in line with expectations, traders are expressing concern over whether Finance Chancellor Reeves will stick to it long term. The GBP 22 Billion in short term borrowing included in the budget is well in excess of the GBP 15 Billion that was expected, but this provides the Government a buffer until the 88 small revenue raising measures implemented are likely to cover day-to-day spending
MXN ⇑
The Mexican Peso is LatAm’s biggest gainer this morning, up nearly three quarters of a percent following the release of better than expected retail sales and current account balances.
