There was little movement on Monday, 24 or 48 hours ahead of the meetings of the US Federal Reserve (FOMC on 12 and 13/12), the European Central Bank (ECB on 14/12) and the Bank of England (also on Thursday).

The E/$, £/$ and $/CHF parities were off by no more than 0.1% (to the detriment of the greenback), but the $-Index ended the day up +0.1% at 104.1, due to the yen's heavy fall, which dropped -1% to 146.4.

The major central banks have recently ended their rate hike cycle, but their more accommodating approach does not seem sufficient in the eyes of investors, who are now anticipating rapid rate cuts, convinced that Mr J.Powell or Ch.Lagarde are the 'unfailing allies of the markets'.
The conviction that the ECB will overtake the FED has caused the euro to fall sharply over the past 10 days, from 1.1015 (on 28/11) to 1.0760 on Monday.
No figures were released on the FOREX this session, which explains the linear behavior of most currency pairs.


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