The dollar’s dominance continues as we head into the North American open. Currencies have been hit hard across the board as the market prices in the possibility that the Fed will make fewer cuts in 2025.
Yesterday’s strong U.S. data and hawkish comments from Fed Bostic have further contributed to the flow. Stocks have been rattled as well, and it’s all very risk-off at the moment.
As far as the euro goes, it was another day of not-so-great data, highlighted by abysmal German factory orders, which fell by 0.6% versus the expected rise of 0.5%. Looking ahead, there is plenty more risk on the calendar with U.S. ADP employment, U.S. initial jobless claims, and the Fed minutes.
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