The Dollar Index (DXY) depreciated by 0.4% to 100.56 overnight, holding below 101 for the ninth session, DBS’ FX analyst Philip Wee notes.
“In the first four days of the week, except for the JPY (-0.7%), the currencies in the DXY basket appreciated, led by the CAD (+0.8%), GBP (+0.7%), CHF (+0.5%), and EUR (+0.1%). US stock indices rallied on better-than-expected US data.”
“The US Commerce Department updated its GDP estimates, which cited faster growth in 2021, 2022, and early 2023. It also erased the technical recession in 1H22; the quarterly contraction in 2Q22 was revised to an expansion.”
“The Dow, S&P 500, and Nasdaq Composite indices rose by 0.6%, 0.4%, and 0.6%, respectively. S&P closed at a new record high of 5745.”