The November 2024 edition of Market Services FX Spotlight features global market news and insights from RBC Investor Services' Foreign Exchange (FX) Market Trading Desk.
Headlines
USD appreciates across the board with USD Index posting highest level since July
—Market Services FX Spotlight
- Trump wins U.S. presidential election with far wider margin of victory than predicted
- U.S. yields shift materially higher with greater moves in the belly of the curve
- Softer October Non-Farm Payrolls (NFP) print gives Fed ammunition to continue easing path
- Bank of Canada continues to reduce interest rates with jumbo cut of 50 bps to 3.75%
- Bank of Japan opts to hold interest rate at 0.25% and Japanese Yen weakens rapidly
- UK budget to result in tax increases of GBP 40 billion
- Fiscal uncertainty takes toll on Brazilian Real and Central Bank of Colombia lowers rates by 50 bps
- Vietnam implements changes to prefunding model for securities to make stock market more attractive
- Bank of Korea cuts rate by 25 bps to 3.25%, signalling move to a neutral policy
- Bank of Thailand and BSP, the central bank of the Philippines, ease rates by 25 bps—the former particularly surprising to markets