Forex Today: US Dollar stays on the defensive amid a cautious start to the week DollarIndex China RiskAversion Fed Currencies
As the dust settled over the last week’s central banks’ policy announcements, risk sentiment remains in a weak spot at the start of a new week that will lead up to the Christmas holiday. Investors continue to assess the Fed’s hawkish outlook, which dents the appetite for riskier assets. In addition, China officially reported its first Covid death after the government relaxed restrictions nationwide, as virus outbreaks flares up. China’s covid concerns accentuate the souring market mood.
The weakness in the US Dollar could be also attributed to the deepening contraction in US business activity. The S&P Global preliminary US Composite Output Index dropped to 44.6 in December vs. 46.4 previous, as new orders slumped to the lowest level in just over two and a half years.pair is also holding gains above 0.6700, despite discouraging Chinese data and Covid concerns. According to a survey conducted by the World Economics Survey, China's Business Confidence Index dropped to 48.
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