Markets:

Gold up $15 to $2043
US 10-year yields flat at 3.89%
WTI crude down 23-cents to $73.98
S&P 500 up 0.9%
AUD leads, USD lags

The late-year slide within the US greenback continued once more on Thursday. One of many catalysts was the softness in core PCE within the Q3 revisions to the PCE report, right down to 2.0% from 2.3%. The return to the magic 2.0% quantity comes forward of tomorrow’s PCE report and frames a possible miss. The more-recent jobless claims quantity was robust however Philly Fed manufacturing numbers have been weak. On internet, the impulse was to promote the greenback and that continued whilst Treasury yields recovered early losses.

USD/JPY was mushy earlier than US buying and selling as yesterday’s post-BOJ pop unwound. The momentum continued after the information in a quick60 pips drop to 142.00. It struggled to get beneath that stage and consolidated.

One forex that did not run out of momentum was the euro because it rose above 1.1000 late and can now problem (as soon as once more), the November excessive of 1.1017. In the event you carry on knocking, finally they need to allow you to in. There is a good inverted head-and-shoulders sample on the chart; might that imply a low liquidity pop over the vacations? Liquidity will likely be skinny from right here however it would arrange an attention-grabbing 2024 in any case.

The commodity currencies have been winners once more as AUD and CAD each keep sizzling on optimism concerning the 2024 international financial system. Each are set to complete at the very best ranges of the day with AUD notably robust. It rose above 0.6800 for the primary time since July and never a lot is standing in the way in which of the June/July double high at 0.6900.

Equities managed to erase a lot of the sharp decline from yesterday. It was a uneven session even because the yr winds down however the bulls managed to retake the higher hand and mitigate the nasty bearish exterior reversal from yesterday.

Blissful solstice to all those that rejoice 🙂