Market Update 29/11/2024

Welcome to our daily market update, where we help keep you informed on the latest happenings in the world of FX. If you have any questions or would like anything further explained, please don’t hesitate to reach out to your account manager or email info@cafx.com

U.S. equities capped off their best month of 2024, with the Nasdaq leading gains at 0.8%. The S&P 500 and Dow Jones followed suit, rising 0.6% and 0.4% respectively. Treasury yields eased, with the 10-year dropping 9 basis points to 4.17%. Oil markets saw a 1% dip, bringing crude to $68 per barrel. The greenback’s broad weakness pushed AUD/USD to the upper bounds of its 0.6496-0.65275 range.

Asian markets closed mixed on Friday, with the Nikkei down 0.4% while Chinese indices gained. Australia’s ASX slipped 0.1%, though materials outperformed. The Aussie dollar climbed steadily, touching 0.6527.

European shares held steady at the open, digesting lower-than-expected French inflation and GDP data. U.S. yields continued to retreat, and Brent crude wobbled below $72.60. Major currencies initially strengthened against the dollar.

Midday in London saw German unemployment holding steady and UK mortgage approvals improving. Eurozone inflation data came in softer, briefly boosting the dollar against major peers.

As New York trading began, Canadian GDP missed forecasts, lifting USD/CAD. The greenback made marginal gains across the board, though currencies later recovered from their lows.

Late in the New York session, BOJ Governor Ueda’s comments on yen weakness risks sparked a dollar sell-off, particularly against the yen. This late weakness in the greenback allowed other majors to advance, with AUD/USD ending the week near 0.6520.

Upcoming Events to Monitor

• CN – Nov. Caixin China PMI Mfg
• AU – RBA’s Jacobs Speech
• UK – Nov. Nationwide House PX m/m
• EU – Oct. Unemployment Rate
• US – Nov. ISM Manufacturing
• US – Fed’s Waller and Williams Speak

Here are the latest mid-market rates: