Since hitting an 11-month high in early October, the US dollar index (DXY) has fallen 3.8% and this has been largely due to investors backing the recent equity market rally, analysts at Bank of America said on Tuesday.
On Monday, November 27th, U.S. stock markets closed in the red as investors paused following Thanksgiving to focus on upcoming inflation data, consumer confidence, and spending.
In economic data, U.S. new home sales in October fell 5.6% to an annual rate of 679,000, below estimates of 723,000. This decline contributed to a cautious market mood.
On Friday, November 24th, U.S. stock markets closed mixed with minimal changes in a holiday-shortened trading session.
In economic data, the U.S. services PMI by S&P Global increased to 50.8 in November from 50.6, the highest in four months and above forecasts of 50.4, and the manufacturing PMI dropped to 49.4 from 50, falling short of the expected 49.8.
On Tuesday, November 14th, the U.S. stock markets closed sharply higher, driven by inflation data that was milder than anticipated, bolstering beliefs that the Federal Reserve might have finished increasing interest rates.
In economic data, the U.S. annual inflation rate slowed to 3.2%, down from 3.7% in September and August, slightly below the market forecast of 3.3%.
On Monday, November 13th, the U.S. stock markets closed mixed as investors awaited key inflation data that might shed light on the duration of the U.S. Federal Reserve's high-interest rate policy.
In the 11 key sectors of the S&P 500, energy emerged as the top performer, while utilities experienced the largest decline.