The dollar retreats fairly sharply in this final session of the week (notably against the pound, which retreats by 0.6% and rises above 1.2600).
The $-Index loses -0.35% at 103.40 (i.e. -0.5% hebdo) and this gap mirrors exactly the symmetrical advance of the euro towards $1.0940.

Many US traders were absent, so the US markets (Wall Street) only reopened for a shortened session on this 'Black Friday', which kicks off the sales frenzy ahead of the festive season.

In the absence of the majority of operators, the macro indicators on the agenda were published with general indifference: the Dollar may have been helped by the flash PMI index, which has stabilized slightly above the critical 50-point threshold since September (+0.2% at 50.8), but the US manufacturing PMI fell into contraction territory at 49.4 (versus 49.9 expected).

The euro proved rather robust in the wake of the ECB's "minutes" (e.g. +0.15% against the Swiss franc, +0.28% against the yen): the Governing Council is said to be ready to consider further rate hikes, even if this option does not correspond to its basic scenario (nobody believes in further monetary tightening).

The euro benefited from the upturn in Germany's Ifo business climate index to 87.3 this month, compared with 86.9 in October. German growth was confirmed at -0.1% in Q3, so no surprises there.



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