U.S. Dollar Ignores Macro Data, Stays Afloat

www.investing.com/analysis/us-dollar-ignores-macro-data-stays-afloat-200612545

By Kevin Beckman | Dec 23, 2021 09:52AM ET

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While stock markets continue to grind higher ahead of the Christmas holidays, the dollar looks mixed in thin trading conditions. The greenback continues to ignore the incoming economic data out of the United States, lacking safe-haven demand as Omicron-related optimism persists for the third day in a row.

Of note, US stocks are approaching the area of all-time highs, recovering after a major sell-off witnessed at the start of the week. Fresh data showed today that the US durable goods orders rose by 2.5% month-over-month in November compared to market expectations for a 1.6% rise.

The US Department of Labor said there were 205,000 initial claims for unemployment benefits last week, in line with the market consensus. Meanwhile, US personal income rose by 0.4% on a monthly basis, marking a slight moderation in growth rates since October's 0.5% figure. US November PCE core, the Fed's preferred measure of inflation, arrived at +4.7% versus +4.5% expected. Despite the macro data coming in mostly strong and confirming the rising inflation, the dollar didn’t react to the reports.

The USD index stayed 0.1% higher on the day, continuing to tread water above the 96.00 figure. In part, this is due to the fact that risk trends are the key driving force at the moment. Also, many traders are already leaving the market ahead of holidays.

Still, as the PCE inflation figures exceeded the market consensus, expectations of a more aggressive tightening by the Fed in 2022 could rise further and push the greenback higher eventually. In this context, the Q1 outlook for the USD index looks upbeat, with long-term highs around the 97.00 figure remaining in the market focus.

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Comments (1)

Evan Ault Dec 23, 2021 10:50AM ET

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Central Banks

Interest Rates

Next Meeting

FED

1.00%

Jun 15, 2022

ECB

0.00%

Jun 09, 2022

BOE

1.00%

Jun 16, 2022

SNB

-0.75%

Jun 16, 2022

RBA

0.35%

Jun 07, 2022

BOC

1.00%

Jun 01, 2022

RBNZ

1.50%

May 25, 2022

BOJ

-0.10%

Jun 17, 2022

CBR

14.00%

Jun 10, 2022

RBI

4.00%

Jun 08, 2022

PBOC

3.70%

BCB

12.75%

Jun 15, 2022

US 30	31,669.4	-210.8	-0.66%
US 500	3,914.7	-59.0	-1.49%
Dow Jones	31,667.00	-213.24	-0.67%
S&P 500	3,914.10	-59.65	-1.50%
Nasdaq	11,236.91	-298.36	-2.59%
S&P 500 VIX	29.95	+1.47	+5.16%
Dollar Index	101.725	-0.372	-0.36%

Crude Oil WTI	109.50	-0.79	-0.72%
Brent Oil	110.57	-0.21	-0.19%
Natural Gas	8.806	-0.021	-0.24%
Gold	1,864.95	+17.15	+0.93%
Silver	22.087	+0.364	+1.68%
Copper	4.3033	-0.0422	-0.97%
US Soybeans	1,682.38	-3.62	-0.21%

SPDR S&P 500	390.96	-5.96	-1.50%
iShares Russell 2000	174.38	-3.83	-2.15%
Invesco QQQ Trust	286.03	-7.45	-2.54%
Direxion Daily Junior Gold Miners Bull 2X Shares	54.50	+2.19	+4.19%
iShares Silver	20.39	+0.29	+1.47%
ProShares Ultra VIX Short-Term Futures	16.05	+0.31	+1.97%
ProShares UltraPro QQQ	26.59	-2.11	-7.34%

Apple	139.37	-3.74	-2.61%
Alphabet A	2,097.80	-131.96	-5.92%
Tesla	645.51	-29.39	-4.35%
Amazon.com	2,081.05	-70.09	-3.26%
Netflix	182.00	-5.44	-2.90%
Meta Platforms	179.69	-16.54	-8.43%
Bank of America	35.40	-0.47	-1.32%

U.S. Dollar Ignores Macro Data, Stays Afloat

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