 As US session gets underway, Dollar is declining broadly, influenced by a series of lackluster economic reports. US GDP growth for Q3 was revised downward to annualized rate of 4.9% in the final estimate. Additionally, Philadelphia Fed business outlook survey for December showed a drop from -5.9 to -10.5, signaling deeper contraction in regional manufacturing activity. However, the labor market showed some resilience, with jobless claims maintaining relatively stable level at 205,000, a positive sign amidst other economic headwinds. Despite the negative economic indicators, US stock futures are pointing towards a higher opening, suggesting a potential rebound in the equity markets. Nevertheless, with the year-end holiday period approaching, there is uncertainty about whether this sell-off in Dollar and the uplift in stocks can be sustained over a longer period.... |
