We haven’t seen much movement in financial markets today, and that could have something to do with the market taking a breather after recent moves or positioning cautiously ahead of today’s U.S. inflation data.
Inflation data aside, the dollar did extend its run slightly, with the dollar index reaching a new six-month high and the euro briefly dropping below yesterday’s yearly low before a minor bounce.
Most of this recent surge in the dollar is driven by market expectations around the incoming U.S. administration, with President-elect Trump pushing policies that, if enacted, would be dollar bullish. Earlier today, Japan’s producer prices came in above forecast, while Australian wage prices came in softer.
Looking ahead, we have the upcoming U.S. inflation data, along with a round of Fed speak.
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