| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 00:30 | Australia | Current Account, bln | Quarter III | -10.7 | -10.8 | -14.1 |
| 07:30 | Switzerland | Consumer Price Index (MoM) | November | -0.1% | -0.1% | -0.1% |
| 07:30 | Switzerland | Consumer Price Index (YoY) | November | 0.6% | 0.8% | 0.7% |
During today's Asian trading, the US dollar consolidated against major currencies after yesterday recorded the largest increase since Trump's victory in the presidential election (since November 6). The currency's rally was driven by political instability in France, favorable U.S. data and rising U.S. Treasury bond yields. However, some pressure on the dollar was exerted by statements by Fed Governor Christopher Waller, who signaled another easing of monetary policy at the December Fed meeting.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.02% to 106.47. Today, investors will focus on the JOLTS job openings report for October, a preferred gauge of Fed officials, but the key event of the week will be the publication of nonfarm payrolls data for November (on Friday). Economists expect job openings to rise to 7.49 million from 7.443 million in September, while nonfarm payrolls growth accelerated to 195,000 from 12,000 in October. Weaker-than-expected data may strengthen the case for a rate cut at the December meeting. According to the CME FedWatch Tool, markets see a 74.5% probability of a 0.25% rate cut in December (compared to 59.4% a week ago), while the probability of an additional rate cut in January is only 14.3%.
The yen fell 0.2% against the US dollar after hitting its highest level since mid-October yesterday amid a growing likelihood that the Central Bank of Japan will raise interest rates by 0.25% at its December meeting. Currently, traders estimate the probability of this event at about 58%.
The euro stabilized against the US dollar after falling 0.74% yesterday due to political turmoil in France. The French government appeared all but certain to collapse later this week after far-right and left-wing parties submitted no-confidence motions on Monday against Prime Minister Michel Barnier.