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21 Dec 2023

US Dollar Index: Broader price trends still lean bearish – Scotiabank

USD retains a weak undertone. Economists at Scotiabank analyze Greenback’s outlook.

DXY pressures consolidation base

Even with the risk aversion-led lift for the USD on Wednesday, the DXY was unable to break out of its week-long consolidation range and broader price trends still lean bearish for the US Dollar Index.

Note that the DXY is pressuring consolidation support in the low 102 area today.

Recall that US equity market outperformance through December rather suggests that passive hedge rebalancing flows will run against the USD through month end; while markets look relatively calm and trade flows appear to be thinning out, there may still be motivation to push spot rates around after all.

Dec 21, 2023

US Real GDP grows at an annual rate of 4.9% in Q3

The real Gross Domestic Product (GDP) of the United States expanded at an annual rate of 4.9% in the third quarter, the US Bureau of Economic Analysis' (BEA) final estimate showed on Thursday.
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Dec 21, 2023

US Philadelphia Fed Manufacturing Index drops to -10.5 in December vs. -3 expected

The Diffusion Index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey declined to -10.5 in December from -5.9 in November.
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