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On Friday, the dollar index (DXY) reached a 5.5-month high before closing up +0.03%. This increase was supported by hawkish comments from Boston Fed President Susan Collins and Dallas Fed President Lorie Logan, advocating for stable interest rates, and a positive revision to the University of Michigan’s November consumer sentiment index, which rose to 51.0 from an expected 50.6.
The US November S&P manufacturing PMI decreased by -0.6 to 51.9, near the anticipated 52.0. In contrast, New York Fed President John Williams hinted at the potential for a rate cut in the “near term,” resulting in a 66% market probability for a 25 bp cut at the next FOMC meeting on December 9-10.
In the Eurozone, the November S&P manufacturing PMI unexpectedly fell to 49.7, indicating the steepest contraction in 5 months, while comments from ECB Vice President Luis de Guindos suggested that current interest rates are suitable. Concurrently, Japan’s finance minister signaled potential currency intervention, with the November manufacturing PMI in Japan seeing a slight rise to 48.8.
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