The US Currency Is Declining

The US dollar fell against a basket of major currencies during yesterday's trading. The dollar index (#DX) closed yesterday in the red zone (-0.11%). Yesterday, weak economic data were published in the US. ADP nonfarm employment change grew only by 67K in November, while experts expected an increase by 140K. The ISM non-manufacturing PMI counted to 53.9 in November instead of 54.5.

Contradictory statements by the US President also put pressure on the US dollar. So, on Tuesday, the President said that negotiations with China were likely to be postponed until the US presidential election in 2020. However, an official said yesterday that the talks were going "very well."

Yesterday, the Bank of Canada decided on a key interest rate. The indicator was left unchanged at the level of 1.75%. Today we expect the publication of Ivey PMI.

Today, weak economic data have been published in Australia during the Asian trading session. Retail sales did not change in October, while experts forecasted an increase by 0.3%. The trade balance counted to 4.502B instead of 6.100B.

The "black gold" prices are declining moderately. At the moment, futures for the WTI crude oil are testing the $58.50 mark per barrel.

Market Indicators

Yesterday, there was the bullish sentiment in the US stock market: #SPY (+0.62%), #DIA (+0.56%), #QQQ (+0.51%).

The 10-year US government bonds yield has been growing. At the moment, the indicator is at the level of 1.77-1.78%.

• - Eurozone GDP data at 12:00 (GMT+2:00);
• - Initial jobless claims in the US at 15:30 (GMT+2:00);
• - Ivey PMI in Canada at 17:00 (GMT+2:00).

by JustMarkets, 2019.12.05

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.