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Dollar dips to November low, yen gains as markets adjust

EditorAmbhini Aishwarya
Published 11/28/2023, 12:32 AM
© Reuters.

In recent currency market movements, the US dollar has softened, touching its lowest point for November. The Bloomberg Dollar Spot Index (BBDXY), which tracks the greenback against a basket of other major currencies, has descended to a nadir for the month.

The Japanese yen, on the other hand, has seen appreciation amid market rebalancing. The USD/JPY pair initially slipped to ¥148 but made a slight recovery to ¥148.20/25. This movement comes after the currency pair's November 21 low at ¥147.15, with current resistance near the 20-day Exponential Moving Average (EMA) at ¥149.94.

In the bond market, Treasury yields have seen a minor increase. Meanwhile, equity futures have edged down modestly, suggesting a cautious start to the trading session.

The Australian dollar has shown notable strength, climbing above the August 10 high of $0.6616. It is now targeting the bear leg's 61.8% retracement level at $0.6656. The New Zealand dollar has been more stable, oscillating narrowly around $0.61.

Other G-10 currencies have exhibited little change as Europe faces a subdued economic agenda day. Investors and traders are closely monitoring these shifts, as currency values can be indicative of broader economic trends and investor sentiment.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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