2024-02-09 21:45:05
The cascading records on the US indices (3 consecutive on the S&P500 and the Nasdaq-100, 2 for the Dow Jones (on February 7 and February) do not revive the appetite for the Dollar, while Wall Street seems to exert an irresistible attraction on circulating capital.
We have just experienced a second consecutive ultra calm session on the FOREX with a Dollar which lost the 0.05% (symbolic) gained the day before, around 104.06… and the week also ended with an almost status quo, the nice gains from Monday having completely melted away on Tuesday and Wednesday.
The Dollar crumbles by 0.1% once morest the Euro (which ends the week at 1.0785 and it also loses 0.1% once morest the Pound, once morest the Swiss Franc but ends stable (difference less than 0, 03%) once morest the Yen (which had plunged -0.75% the day before) then the Canadian Dollar.
No figures to sink your teeth into this Friday in the United States, the absence of a ‘market mover’ has been felt for 48 hours.
Next week will be richer in ‘stats’ including the CPI and indicators on household confidence (growth is mainly based on a sustained pace of consumer spending).
The week which is ending has revealed significant disparities in global growth, with the American economy displaying insolent health, far ahead of Europe (in recession) and China which is seeing its growth contract despite a series of announcements aimed at boosting credit and financial markets (and in particular the Chinese stock markets).
Note that the Chinese markets will be closed all next week for the celebration of the new year (Golden Week) and the shift to the ‘Year of the Dragon’: the Yuan was trading at 7.12/$ this Friday and remains firmly anchored by the PBOC within a 7.09/7.20 corridor once morest the Dollar.
As a result, it is not even certain that the FED will ‘pivot’ next May if the labor market remains at its peak (wage rise in sight) and if inflation resurfaces, following having calmed down at the end of 2023, thanks to very positive ‘base effects’.
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