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FOREX TODAY: MARKETS STAY PLACID AS 2024 GETS UNDERWAY
Abstract：After experiencing some erratic trading over the final days of 2023, it appears that global markets have stabilized to start 2024. Later in the day, S&P Global will make changes to the December PMI data for the US, Germany, the UK, and the Euro area. ISM Manufacturing PMI, JOLTS data for November On Wednesday, the US FOMC Minutes and Job Openings data may increase market volatility later in the day.
WHAT YOU SHOULD BE AWARE OF ON TUESDAY, JANUARY 2 IS AS FOLLOWS:
After experiencing some erratic trading over the final days of 2023, it appears that global markets have stabilized to start 2024. Later in the day, S&P Global will make changes to the December PMI data for the US, Germany, the UK, and the Euro area. ISM Manufacturing PMI, JOLTS data for November On Wednesday, the US FOMC Minutes and Job Openings data may increase market volatility later in the day.
December saw a 2% monthly loss for the US Dollar (USD) Index, which measures the USD's performance against a basket of six major currencies, as dovish Federal Reserve (Fed) wagers dominated the market. The benchmark 10-year US Treasury bond yield decreased by 10% during that same time frame. The 10-year yield is below 3.9% and the USD Index is stable at 101.50 in the early hours of Tuesday.
The current US dollar price
The US dollar's (USD) percentage change compared to a list of major currencies is displayed in the table below. The US dollar outperformed the Swiss franc in terms of strength.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.08% | -0.02% | 0.08% | -0.25% | 0.29% | 0.09% | 0.33% | |
| EUR | -0.07% | -0.09% | 0.01% | -0.33% | 0.21% | 0.01% | 0.25% | |
| GBP | 0.02% | 0.09% | 0.09% | -0.25% | 0.31% | 0.09% | 0.32% | |
| CAD | -0.08% | -0.01% | -0.10% | -0.33% | 0.21% | 0.00% | 0.25% | |
| AUD | 0.23% | 0.30% | 0.23% | 0.31% | 0.52% | 0.32% | 0.56% | |
| JPY | -0.30% | -0.20% | -0.31% | -0.21% | -0.54% | -0.20% | 0.04% | |
| NZD | -0.08% | -0.01% | -0.09% | -0.02% | -0.36% | 0.22% | 0.18% | |
| CHF | -0.34% | -0.24% | -0.33% | -0.24% | -0.60% | -0.02% | -0.23% |
The major currencies' percentage movements relative to one another are displayed on the heat map. The quotation currency is selected from the top row, and the base currency is selected from the left column. For example, the percentage change shown in the box will indicate EUR (base)/JPY (quote) if you select the Euro from the left column and proceed along the horizontal line to the Japanese Yen.
Data from China during Asian trade hours showed that the Caixin Manufacturing PMI increased slightly from 50.7 in December to 50.8. This figure was higher than the 50.4% market estimate. In the European morning, US stock index futures trade in a varied manner.
In the final week of 2023, the EUR/USD pair reached a multi-month high of 1.1140. However, it then staged a correction and fell toward 1.1000 before the New Year. The pair is trading slightly lower on Tuesday morning, just below 1.1050.
The previous week saw an unsuccessful attempt to break over 1.2800, as GBP/USD lost momentum and fell below 1.2750. Over 1.2700, the pair moves in a narrow channel throughout Tuesday's European session.
Ahead of the New Year break, the USD/JPY plummeted by almost 5% in December, reaching its lowest point since July below 140.50. Early on Tuesday, the pair began to recover, and as of right now, it was up 0.5% at 141.50.
Towards the end of the previous week, gold entered a consolidation period and traded sideways at about $2,060. Beginning in 2024, XAU/USD began to gradually rise; it was last observed trading in positive territory over $2,070.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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