Dollar Weakens as Canadian Dollar, Australian Dollar Strengthen

9 Dec 2024 , 12:00 PM

While the euro and other major currencies remained stable as traders assessed the outlook for the U.S. dollar, Monday’s attention was on the Canadian and Australian dollars ahead of their central bank meetings this week.

Analysts say the dollar is looking worn out from its lengthy run-up in the four weeks since Donald Trump won the presidency, with a quarter point rate decrease by the Federal Reserve next week almost certain based on market pricing.

The euro was up from Friday’s low of $1.0542 and down 0.04% so far in Asia, while the dollar was down 0.17% against the yen at 149.78 yen. At 105.98, the dollar index increased by 0.03%.

Bitcoin, the market leader last week, was last at $99,642 after breaking above the six-figure mark for the first time at a record $103,649.

Last week, the dollar rally stalled. The yen spent the majority of the week in a tight range between 148.65 and 151.23, losing only 0.16%. Following the fall of the French government, the euro was erratic, but it recovered to close the week higher than its two-year low of $1.0332 at the end of November.

This week’s key events for investors are China’s closed-door Central Economic Work Conference and the European Central Bank’s (ECB) policy meeting on Thursday.

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