According to US Treasury Sec. Janet Yellen, \u201crecession is not inevitable\u201d. But, Yellen declined to say whether the dollar had peaked against other currencies.<\/p>\n\n\n\n
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US stocks benefited on Thursday and exhibited better performance on anticipations of slower pace of monetary policy tightening. The performance of stocks impacted the US Dollar, which closed the day with losses against most of its major rival currencies early in the US session, and spending the remainder of the session within the consolidation range. Yellen: US recession is not inevitable<\/a><\/p>\n\n\n\n BoC\u2019s Kozicki: Future rate decisions to rely more on data<\/a><\/p>\n\n\n\n Gold Prices Rallies Amid Trending Slower Pace of Interest Hiking<\/a><\/p>\n\n\n\n US stocks rise on Wall Street, but still lower for the week<\/a><\/p>\n\n\n\n
Economic Data
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Volatility decreased amid the absence of significant data head of central banks\u2019 decisions next week, as uncertainty is surrounding the next moves by the US central bank on monetary policy. The Fed, the European Central Bank, the Switzerland National Bank and the Bank of England will provide monetary policy updates next week.
Friday will start with China publishing the November Consumer Price Index and the Producer Price Index. Later in the day, it will be the turn of the US to unveil wholesale inflation. The US PPI is expected to have risen by 7.4% YoY in November, down from 8% in the previous month.
Key Developments
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BoC Deputy Governor Sharon Kozicki said the bank will study the latest economic data to gauge whether or not to raise interest rates, adding it would move forcefully if necessary. The Canadian Dollar strengthened, with USD\/CAD down to 1.3580.
The USD\/JPY saw little action and finished the day little changed at around 136.70. The USD\/CHF is down to 0.9360.
Gold posted a modest intraday advance and trades around $1,787 a troy ounce. Crude oil prices, on the other hand, kept falling with WTI trading at $71.60 a barrel.
The EUR\/USD pair trades at around 1.0540, while GBP\/USD is up to 1.2235. AUD\/USD advanced for a second consecutive day and hovers around 06760.
Sessions Ahead<\/strong><\/p>\n\n\n\n
<\/strong>US Producer Price Inflation data will be released on Friday, amid expectations of a new decline in inflation for this price category, which increases the strength of expectations of a slowdown in interest rates starting from the current December meeting.
The latest US CPI and PPI reports helped a lot shape the narrative perceiving that inflation in the United States has peaked, consequently prompting a sharp fall in Treasury yields and pulling the US dollar away from its recent 20-year peaks.
Also Read
<\/strong>US dollar retreats amid anticipations on Friday\u2019s PPI data<\/a><\/p>\n\n\n\n