Following on from last week’s Thanksgiving and Black Friday, we saw the US return to the markets despite Cyber Monday online sales.
Despite a lack of data in the US today, the Greenback regained some of the losses made over the holiday period. The main driver was a bi-annual report by the OECD, which upgraded US growth forecasts for 2027 to 2.3% from 2.1%. In addition, the dollar made safe-haven gains on the pending concerns about the fallout from Italy’s constitutional referendum this Sunday.
Friday’s non-farm payroll data will dominate the week as we head towards the crucial FOMC meeting and rate decision on 14th December. Non-farm payrolls will be closely watched by the Federal Reserve as it’s preparing for its interest rate decision.
In the meantime, we have the second reading of US GDP, which is expected to be revised higher, whilst US consumer confidence is also due to hit the wires today.