
FX markets received a wakeup call from a hawkish Fed, with USD up over 1% overnight post-FOMC. December seasonality of US Dollar (USD) softness doesn’t seem to apply for Dec-2024 so far. The Dollar Index (DXY) was last at 108 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
USD can weaken from current highs
“The last time we saw an up month for December was about 8 years ago in 2016. Precious metals were the worst hit, with gold under 2600 at one point overnight. This is consistent our near-term challenging outlook for gold, given the risk
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