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Week Ahead: US Dollar Recovery Getting Tired
The markets were not impressed with the ADP private sector jobs estimate. Although it increased for the first time since July, the average over the three months through October was 3.3k, the weakest since August 2020. The Dollar Index snapped a five-day advance after the mid-week report and will begin the new week with a three-day downdraft in tow. Despite several Fed officials seeming to question the desirability of a cut in December, the market was undeterred, and the Fed funds futures market continues to almost a 70% chance of a cut. The US government remains closed, and in addition to the missed paychecks, it is ... (full story)