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02 Dec 2024

02 Dec 2024

French politics rattles FX markets

• Mixed markets. Equities push higher while French political issues weighed on the EUR. This supported the USD. AUD & NZD lost ground.• US data. ISM manufacturing better than expected. US job openings due tonight. Non-farm payrolls released on Friday night.• AU events. October retail sales stronger than anticipated. A promising sign for Q4. Q3 GDP released on Wednesday. RBA meets next week. There has been a mixed performance across asset markets and regions at the start of the new month. Equities have continued to power along with strength in the tech-sector underpinning the broader US market which hit another...

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02 Dec 2024

Dollar Rallies Back, Euro Tumbles

The ‘US exceptionalism’ theme is back to driving markets this morning, helping the dollar snap a three-day losing streak against most of its rivals. The euro is coming under pressure as the French government struggles to pass a budget, the Swiss franc is advancing amid stronger safe-haven flows, and major high-beta currencies – like the Canadian dollar – are all off around half a percentage point. The dollar’s outperformance this year can be seen clearly in the chart below, which shows trade-weighted values through November 27. After softening in the run-up to the Federal Reserve’s first rate cut, the currency...

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