The currency markets experienced a subdued period due to holidays in Japan and the United States for Thanksgiving, resulting in a strengthened U.S. dollar. The dollar index rebounded from a 2.5-month low following U.S. jobless claims beating expectations, despite a larger-than-expected drop in durable goods orders, signaling a cooling economy. Lingering concerns about inflation were evident in the University of Michigan survey, impacting the Federal Reserve’s outlook.
The recent weakness of the dollar prompted a market reassessment, leading to a rise in the yen, while the dollar index and euro remained relatively stable. The European Central Bank’s release of minutes from its October policy meeting and the unveiling of global flash PMIs are anticipated to guide investors in assessing recession risks and expectations for rate cuts.
In the cryptocurrency realm, the resignation of Binance CEO Changpeng Zhao and his guilty plea for violating U.S. anti-money laundering laws contributed to a nearly 5% increase in Bitcoin’s price, reaching $37,450.
