Home Daily Commentaries US Dollar Nears One-Year High

US Dollar Nears One-Year High

See Wah Li
Written by
See Wah Li

See Wah Li

OFXpert

With more than 6 years of experience in the foreign exchange market, See Wah’s strength lies in developing effective solutions to help navigate the complexities of currency fluctuations.

| Tuesday 19 November, 2024

Daily Currency Update

The US dollar inched higher on Tuesday, nearing its one-year high against a basket of currencies, as markets focused on President-elect Donald Trump's ongoing search for a Treasury secretary, which has faced delays but remains a key driver of market sentiment.

The dollar’s strength,  up over 2% this month, reflects shifting expectations around US monetary policy. Reduced prospects for significant Federal Reserve rate cuts and speculation that Trump's policies could fuel inflation have supported the greenback.

Key Movers

In Europe, a weak economic outlook continues to dampen expectations for major shifts in ECB policy. Markets are closely monitoring key data releases for further insights into the region's economic trajectory.

The ECB is expected to lower its deposit rate by another 25 basis points in December, with projections indicating a potential decline to around 1.9% by July.

Expected Ranges

  • GBP/USD: 1.2585 - 1.2655 ▼
  • GBP/EUR: 1.1935 - 1.2005 ▼
  • GBP/AUD: 1.9385 - 1.9485 ▼
  • EUR/USD: 1.0505 - 1.0585 ▼

Written by

See Wah Li

OFXpert

See Wah is passionate about supporting positive transformations when it comes to managing foreign exchange. As a Senior Currency Consultant at OFX, his goal is to help businesses make informed decisions, alleviate risks, and enhance their currency strategies for success. With over 6 years of experience in the foreign exchange market, See Wah’s strength lies in developing effective solutions to help navigate the complexities of currency fluctuations and mitigate their impacts on business profitability.