Forexlive Americas FX news wrap: Daly turns hawk

Author: Adam Button | Category: News

Forex news for North American trade on November 24, 2021:

Markets:
  • S&P 500 up 10 points to 4701
  • US 10-year yields down 2.7 bps to 1.637%
  • Gold down $1 to $1788
  • WTI crude oil down 23-cents to $78.27
  • CAD leads, NZD lags
There was a ton of economic data as the US rushed out releases ahead of a four-day weekend and there were some major highlights. The consumer spending side of the PCE report was strong and jobless claims hit a 52-year low. Plenty of people blamed seasonal adjustments for the latter but few would argue against the idea of a strong jobs market. Despite all that, what I'll remember from today is the pivot from Daly.

Just one week ago, she said "I have a strong bias to stick to current taper pace" and now she's basically advocating for a quicker taper. It's one of the most out-of-left field moves in awhile, especially since there was no meaningful data in the interim.

The Fed blackout starts next Saturday and that leaves little time for top officials to flag a similar shift but I'll be on guard for it now -- along with the USD strength that it should bring.

Some of that crept in today but I'd argue that's just a taste. The euro and pound both carved out new lows while USD/JPY consolidated above the key 115.00 level.

The kiwi continued to struggle after the RBNZ decision and the Australian dollar wasn't far behind. The only currency to keep pace with the US dollar was the loonie and that was despite a small dip in oil prices.

Happy Thanksgiving to all our American readers.
Forex news for North American trade on November 24, 2021:
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