2024-01-30 07:15:00 ET
Summary
- The US dollar is mixed ahead of the start of the FOMC meeting and is mostly in its recent ranges.
- The euro, which was sold below $1.08 yesterday for the first time since mid-December, is holding above it today.
- The chief economic news today from the eurozone is the first estimate of Q4 '23 GDP. It was flat amid expectations of a 0.1% contraction.
- Europe's STOXX 600 is rising for the fifth consecutive session, matching its longest advancing streak since last July. US index futures are slightly softer.
- China's CSI 300 is off 1.8%. Japan's market was narrowly mixed, and outside of Australia, most of the other large markets fell.
Overview
The US dollar ( USDOLLAR , DXY ) is mixed ahead of the start of the FOMC meeting and is mostly in its recent ranges. The euro, which was sold below $1.08 yesterday for the first time since mid-December, is holding above it today. The less-than-expected projection of US Treasury borrowing requirements for Q1 and Q2 weighed on US rates, which in turn dragged the greenback lower against the yen. It is trading near a four-day low, a little above JPY147.00. The rally in US equities threatened to push the dollar below CAD1.34, a two-week low. The dollar trading with a softer bias against most emerging market currencies today, including the Hungarian forint, where the central bank is expected to cut the base rate by 75-100 bp today (the fourth cut in the cycle)....
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EMU Q4 2023 GDP Stagnates, Underscoring Divergence With The U.S.