Dollar dips to November low, yen gains as markets adjust
2023.11.28 01:04
© 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 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.
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