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The dollar index rose to a new 5.5-month high today, increasing by 0.04%. This rise in the dollar is attributed to a decline in equity markets, boosting liquidity demand, alongside hawkish remarks from Boston Fed President Susan Collins and Dallas Fed President Lorie Logan advocating for steady interest rates. The University of Michigan’s November consumer sentiment index was revised upward by 0.7 to 51.0, surpassing expectations of 50.6. However, dovish comments from New York Fed President John Williams, suggesting potential Fed rate cuts in the near term, limited the dollar’s gains.
The US November S&P Manufacturing PMI fell by 0.6 to 51.9, close to the anticipated level of 52.0. In contrast, Eurozone manufacturing activity contracted, with the November S&P PMI decreasing to 49.7—below the expected increase to 50.1. This marks the steepest contraction in five months. The Euro fell 0.14% to a two-week low amid these developments.
Regarding Japan, new economic data showed October exports rose by 3.6% year-on-year, surpassing expectations, while the national CPI rose by 3.0% year-on-year, in line with forecasts. The yen has increased in value in response to comments from Japanese Finance Minister Katayama about potential intervention in currency markets.
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