U.S. Dollar Ignores Macro Data, Stays Afloat

By Kevin BeckmanMarket OverviewDec 23, 2021 09:52AM ET

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

U.S. Dollar Ignores Macro Data, Stays Afloat

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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not so fast there... :)

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Central Banks

Interest Rates

Next Meeting

FED

5.50%

Nov 01, 2023

ECB

4.50%

Oct 26, 2023

BOE

5.25%

Nov 02, 2023

SNB

1.75%

Dec 14, 2023

RBA

4.10%

Oct 03, 2023

BOC

5.00%

Oct 25, 2023

RBNZ

5.50%

Oct 04, 2023

BOJ

-0.10%

Oct 31, 2023

CBR

13.00%

Oct 27, 2023

RBI

6.50%

Oct 06, 2023

PBOC

3.45%

BCB

12.75%

Nov 01, 2023

US 30	33,537.5	-128.8	-0.38%
US 500	4,292.9	-6.8	-0.16%
Dow Jones	33,507.50	-158.84	-0.47%
S&P 500	4,288.05	-11.65	-0.27%
Nasdaq	13,219.32	+18.05	+0.14%
S&P 500 VIX	17.52	+0.00	+0.00%
Dollar Index	105.860	-0.073	-0.07%

Crude Oil WTI	90.77	-0.94	-1.02%
Brent Oil	92.09	-1.01	-1.08%
Natural Gas	2.930	-0.015	-0.51%
Gold	1,864.60	-14.00	-0.75%
Silver	22.390	-0.351	-1.54%
Copper	3.7340	+0.0260	+0.70%
US Soybeans	1,275.00	-26.00	-2.00%

U.S. 10Y	4.579	+0.008	+0.18%
U.S. 30Y	4.709	-0.000	-0.01%
U.S. 5Y	4.616	0.012	0.26%
U.S. 3M	5.456	-0.021	-0.38%
US 10Y T-Note	108.06	+0.20	+0.19%
Euro Bund	128.45	+1.36	+1.07%
10-2 Yield Spread	-47.46	+1.30	+-2.67%

Apple	171.21	+0.52	+0.30%
Alphabet A	130.86	-1.45	-1.10%
Tesla	250.22	+3.84	+1.56%
Amazon.com	127.12	+1.14	+0.90%
Netflix	377.60	+1.24	+0.33%
Meta Platforms	300.21	-3.75	-1.23%
Bank of America	27.38	-0.18	-0.65%

U.S. Dollar Ignores Macro Data, Stays Afloat

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